RED Management Company: Office Rent in Downtown Yekaterinburg Keeps Growing

16 November 2012 (10:04)

November 16, 2012. Even though a lot of new office buildings are being commissioned in Yekaterinburg at the moment, rent is not expected to go down, RED Management Company reports.

‘Over 100,000 sq m of office space was commissioned in the first half of 2012 alone. A few more buildings are currently being put up. Nevertheless, not only has the average rent failed to go down, but it actually keeps on growing,’ says the company’s Director-General Alexei Klimenko.

According to the analysis of the office space presented by Ural Chamber of Real Estate, the rent for Class B+ office comes to 1,190 RUR a month on average; that for Class B offices comes to 960 RUR, and that for Class C offices to 680 RUR per sq m. As for the most prestigious Class A office space, the rent varies between 1,300 and 1,600 RUR per sq m.

‘Rent has gone up most noticeably (by 20%) in the Class A segment, as the market is currently experiencing some shortage of this office types. Class B and Class B+ offices grew a little more expensive (by 5% to 10%): a few large office buildings were launched between late 2011 and late 2012 at once, including Vysotsky Busienss Center, Manhattan, and Summit. Since a few more Class B and Class B+ buildings will be commissioned very soon, the demand for this type of office space will be satisfied, so prices will only grow slowly within the inflation rate,’ Klimenko notes.

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