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Moscow Office Demand Is Through The Roof

Posted by: David Gest

31 March 2006 - 8:00am

Soviet era buildings don't meet the needs of today's international companies, so local architects and developers are scrambling to build anew.

"Moscow has the lowest vacancy rate for high-end office space in Europe, and although developers are racing to finish several large projects, no one expects that situation to change much anytime soon.

The city's widespread Soviet-style architecture and services fall far short of the needs of international companies. So, real estate professionals say, developers are just barely keeping up with demand for new space, even though the city's office stock almost doubled to 4.6 million square meters, roughly 50 million square feet, in 2005 from 2.6 million square meters in 2001."

Full Story: Moscow scrambles to build offices
Source: International Herald Tribune, March 29, 2006
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