Ural Chamber of Real Estate: Supply of available good quality office space in Yekaterinburg to go down 7% by end of 2013

29 November 2013 (09:39)

November 29, 2013. This year, the supply of available office space tended to decrease, while the rent growth slowed down.

According to experts from Ural Chamber of Real Estate's Analytical Departments, the overall macroeconomic situation, which is anything but favorable, was the primary reason for this.

The amount of new office space getting commissioned has been on the decrease. Whereas some 240,000 sq m of office space were commissioned in the last two years (mainly the business centers that were started even prior to the outbreak of the recession), only 33,000 sq m were commissioned in the third quarter of 2013. The market supply is not likely to increase any faster until the end of the year, and the figure for the last quarter of 2013 is estimated to be at around 60,000 sq m.

'Fewer office buildings are getting commissioned this year, which clearly results in less office space available for rent. The trend actually started as early as in the middle of 2012,' Ural Chamber of Real Estate reports.

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