Moscow came in third on Cushman & Wakefield’s rating of the most expensive global office markets. The Russian capital comes in behind only London and Hong Kong. Today the average lease rate in Moscow’s business centers is $1,495 per square meter per year.
Over the study period, which spanned from February 2013 to February 2014, Moscow rose three positions in Cushman & Wakefield’s rating of the world major cities according to office lease rates, the newspaper Kommersant writes.
In last year’s rating, the Russian capital was ranked sixth, where we now find New York (with lease rates in Midtown Manhattan averaging $1,360 per square meter). The first and second spots in the rating were taken by London ($2,910 per square meter) and Hong Kong ($1,960 per square meter) while Tokyo ($1,375 per square meter) came in fifth for the second consecutive year).
The Moscow market continues to see high demand for offices in the city center. The Class A Romanov Dvor business center is situated on Romanov Pereulok, only 500 meters away from the Kremlin. The business complex was included in Forbes’ list of the most expensive commercial buildings near the Kremlin.
The first phase of Romanov Dvor was commissioned in 1996 and the second in 2004. The opening of the third phase is expected in April 2014, adding another 8,000 square meters to the complex.