Moscow tipped to become hotbed for office space investment | 28 February 2013
Moscow has been tipped to become a hotbed for office space investment over the next year, following the release of new figures from the city’s commercial property market.
A new report, published by commercial real estate adviser CBRE, suggests that Moscow was responsible for 92 per cent of investment in Russian commercial property last year.
According to pie-mag.com, it also forecast that office supply in the city will grow by 50 per cent in 2013.
Valentin Gavrilov, who was heavily involved with the report, said that “modest capital value appreciation” would occur throughout Moscow, thanks largely to increased demand from investors over the next year. Rents are tipped to remain stable throughout 2013 in all areas of the country.
The predictions came hours after Moscow’s ‘Metropolis’ shopping venue was sold to Morgan Stanley for the equivalent of £791.4 million, in what is Russia’s largest ever commercial property deal.
Following the coup, CBRE head of investment Brian Niles shared his confidence that Russia’s commercial property market would continue to improve in the future.
“The acquisition is consistent with out strategy of investing in high-quality assets in Russia, a market that should continue to benefit from strong growth in consumer demand,” he told themoscowtimes.com.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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