Moscow is the leader by office rentals in Europe
Moscow shows record growth in office rental rates this year. It is reported by realty.rbc.ru portal with reference to the report of Knight Frank Russia and CIS. In the first half of 2011 the cost of office rentals in the premium sector increased by 8%. This is higher than in any other city in Europe.
Today real estate market in Moscow remains one of the fastest growing in Europe. This also applies to commercial real estate and housing.
If we talk about offices, the increase in their rental prices in Moscow allowed the capital of Russia to overcome such renowned centers of business activity as London, Stockholm, Paris and Frankfurt. At the same time, the cheapest prices for office rentals in Europe was recorded in Madrid and Lisbon - the capitals of Spain and Portugal, countries where the financial crisis has not yet been overcome.
It is worth noting that rising of commercial real estate cost in Moscow continues for the second consecutive year. So, in 2010, rental prices for premium offices and «B» class offices grew by 20%.
Office rental market now occupies about 58% of the total number of commercial property lease offers in Moscow. It is worth noting that despite the overall increase in rental rates in Moscow were observed seasonal trends of slowing down in the commercial rental sector. In May the number of rental offers in the Russian capital was 3% lower than in May 2010.
As a result of May 2011 the average cost of commercial property rental in Moscow is 536$/square meter/year. Office rentals cost 753$/square meters/year within the Sadovoe Koltso, and 458$/square meters/year outside it (according to the "SV Development" consulting agency).
Ilya Kalachev
Date: 21/06/2011
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