UrBC, Yekaterinburg, July 8, 2016. 40% (or more) of office space in Yekaterinburg’s recently opened business centers remains unrented, Ural-Hermes reports.

The overall amount of available office space went up by 2% to 3% on average in the first half of the year. As of July 1, 2016, only 81%, 84%, and 78% of, respectively, Class A, Class B+, and Class B office buildings’ capacity were used.

‘Given the deteriorating economic circumstances and the tenant companies’ decreased paying capacity, many businesses are trying to cut down on their rental costs, usually by moving to smaller and worse offices,’ says Ural-Hermes Director Alexander Zasukhin.