Number of offices for rent increases in Baku

Baku. 10 May. REPORT.AZ/ Number of offices for rent in Baku increased during April by 35% in comparison with March to make 37 900 sqm in total space.

Report informs referring to Public Union “Property Market Participants”, this number has been shaped by 3 820 sqm of newly entered and 1 062 sqm of refurbished office space.

“61% of offices for rent are medium size premises. This can be explained with closure of some banks, elimination of some business fields, as well as movement of tenants to smaller size offices to optimize their expenditures”, was said in the union.

Nasimi District seems to hold major part (30%), while Binagadi (5%) and Nizami (3%) the least part of offers for rent. There are no offices for rent in Garadag, Sabunchu, Surakhani, Khazar, Pirallahi districts due to insufficient business infrastructure.

62% of offered offices are located in business centers and plazas, 38% in residential buildings. The average monthly cost of office space in business centers and plazas is 20 AZN/sqm, in residential areas – 10.3 AZN/sqm.

The cost of offices largely depends on their location area, condition, equipment and the overall size of rented space. 56% of offices are offered with some equipment and/or furniture.

Notably, the most expensive office for rent is in Inner City (Icharishahar). The 600 sqm of perfectly refurbished office with 10 rooms and furniture is offered for rent for 11 AZN/month.