Why do real prices in Class B+ offices fall while the cost per square meter rises?

From the beginning of 2026 through April, a trend emerged in the Moscow Class B+ office market: despite a roughly 11% increase in the price per square meter, the average price of a sold property fell by almost 27%.

This trend is due to a change in the behavior of players in the commercial real estate market. Investors are increasingly interested in more compact offices. Consequently, the number of transactions is increasing, but the area being sold is decreasing.

Furthermore, the increase in Class A space being commissioned, while new Class B+ space is virtually nonexistent, is also having an impact.