Moscow Office Market- Demand for space has risen
A report published by real estate agency, Cushman & Wakefield shows that demand for office space in Moscow has risen, and those looking to rent serviced office space should take advantage of the low rental rates.
Denis Sokolov, Research Director at Cushman & Wakefield said the market is making up for the low activity of 2009 and 2010. “The prices have already started to go up, so these opportunities are ending,"
It has been estimated that rental prices for Grade A offices will increase this year and Grade B offices in 2012. According to Cushman & Wakefield, the average rates for Grade A offices in the second quarter of 2011 did not exceed $750 per sq m per year, but Grade B spaces were $470.
Despite the predicted office space rental price increase, experts are mosre positive about the Moscow office market than they were 3 years ago.
Belaichuk added: "If three years ago there were physically no spaces, now the lease holder feels more comfortable because he can go and look at his potential location."