Ural Chamber of Real Estate: office rent in Yekaterinburg is declining

25 August 2014 (10:03)

August 25, 2014. Managing companies report that office rent rates are now growing 1% more slowly, Real Chamber of Real Estate says.

According to the chamber’s analyst Mikhail Khorkov, there are simply no reasons why managing companies of most office buildings and shopping malls could raise their rent rates. It is even possible that the current renting agreements and the new operators’ prices will be reconsidered. Given the estate market’s downward trend, managers will perhaps have to reduce costs primarily through lower rent.

Still, shopping center rates remain quite high and are actually above the pre-recession level of 2008. On average, a tenant has to pay 3,140 RUR a month, which is 4% more than a year earlier.

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