State Institutions Lead Office Purchases in St. Petersburg
According to the company Bright Rich | CORFAC International, the total volume of transactions on the St. Petersburg office real estate market in 2025 reached 425.8 thousand square meters. Of this, 237.3 thousand square meters, or 56%, were sales, which for the first time in history led to sales surpassing rentals.
The growth in sales was facilitated by the activity of the state sector. The largest deal of the year was the acquisition by the St. Petersburg government of two buildings in the Nevskaya Ratusha business quarter with an area of 67 thousand square meters. Also, the Mining University bought out the Mekhanobr complex on the 22nd line of Vasilyevsky Island (30 thousand square meters), and Technopark St. Petersburg became the owner of the Rostra business center on Zanevsky Prospect (11.5 thousand square meters).
Significant activity was also shown by the Senator network of business centers. The company acquired the Talion hotel (25 thousand square meters) and the Admiral shopping center (9.6 thousand square meters) for conversion into offices. Moreover, its portfolio included buildings at 10 Karavannaya Street (8.9 thousand square meters) and 34 Sadovaya Street (4.4 thousand square meters).
Partner at Bright Rich | CORFAC International Sigush Baboyan notes: “Due to low vacancy and insufficient volume of business center construction, rental costs in St. Petersburg have increased by approximately 40% over three years. Under these conditions, buyers of properties for investment purposes can count on high occupancy and stable cash flows.”
The volume of office space commissioned in St. Petersburg in 2025 tripled compared to 2024, reaching 163 thousand square meters. This surge is associated with the completion of previously frozen or long-term construction projects. According to forecasts, in 2026 the volume of new office construction could amount to about 300 thousand square meters.
The share of vacant office space continues to decline. According to the results of 2025, vacancy was 4.4%, and in 2026, according to expectations, it will not exceed 4%.
