Alexander Ustinov, office real estate manager for RD Management, spoke to the internet portal CRE.ru about the impact of the current economic and political situation on Class A office space in Moscow.
According to the reports of international real estate consultancies, during the first half of 2014 lease rates slightly declined for Class A offices in Moscow compared to the same period of the previous year. Nonetheless, demand for offices in the center of the Russian capital remains high.
“What’s notable is the fact that due to the ban on large-scale construction of commercial real estate within the Boulevard Ring, the supply for this segment has been limited, while the demand remains stable. The only building which is planned for commissioning in 2014 in the Class A segment is the third phase of the Romanov Dvor office complex on Romanov Pereulok,” notes Alexander Ustinov.
Romanov Dvor is a prestigious premium-class business center in Moscow, situated on Romanov Pereulok in close proximity to the Kremlin. It has been included in Forbes’ list of the most expensive commercial real estate properties near the Kremlin.
The project includes three development phases: the first phase was opened in 1996 and the second in 2004. The opening of the third phase of the business center is expected in November 2014.