‘Yekaterinburg may not be quite prepared to face the new office estate classification,’ Andrei Zhamkin of Jones Lang LaSalle announced at a conference devoted to investing in, construction of, and running office estate.

‘The classification that was developed last year by the market’s major players lacks the notion of type C offices and only takes into account those classed as A, B+, and B, whereas there are numerous type C offices in Yekaterinburg. These are offices situated in non-specialized buildings or old Soviet edifices that used to be occupied by bureaucratic institutions,’ Mr. Zhamkin said.

‘I also believe we need to build up ties with the tenants, for example, it would be good to sign long-term renting agreements since they promote the stable development of this market segment. As for our company, we don’t normally sign agreements with companies that only want a place for eleven months but go for those willing to rent for at least three years instead,’ he observed.