Yekaterinburg Council: City under Threat of Office Shortage

20 July 2012 (09:19)

Yekaterinburg office estate market is expected to feel some space shortage in one year’s time, Chairman of Yekaterinburg Council Consumer Services Committee Oleg Kitayev says.

‘The number of available premises is going down in Yekaterinburg and comes to about 10% at the moment. I think that the market will become 100% saturated over the next year. As a result, some shortage might be felt, as very few new buildings are expected to be commissioned. For one, only one Class A object will be built: this is the President at 1a Boris Yeltsin St,’ he notes.

‘There are about 15% to 20% of available office premises in the Class B+ category, but no new buildings will probably be launched either,’

According to Kitayev, the rent rates fluctuate between 600 RUR and 2,500 RUR per sq m.

He explains most of the office space is concentrated downtown, in the first and second most expensive parts of the city, with only very few offices on the outskirts, in the third and fourth most expensive parts of the city. The latter do not have a bright future ahead of them.

There are currently 75 office centers in Yekaterinburg, with the total area of 1.65m sq m.

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