Reconstruction of buildings in St. Petersburg

The St. Petersburg office real estate market is expected to undergo structural changes over the next three years. The main driver of supply growth will be building renovation projects, the volume of which exceeds the volume of new projects.

Between 2026 and 2028, 249,000 square meters of space are planned for completion, 54% of which (approximately 130,000 square meters) will be renovations.

Experts note the high potential of such projects, especially in the city's established business districts, which is attracting the attention of developers.

Amid a shortage of high-quality rental inventory, which is projected to persist until the end of 2026, the market is shifting toward large-scale purchase and sale transactions with end users.