Moscow adds 500 thousand square meters of office units
Moscow shows positive momentum in construction of office space as compared to other major cities of the world.
As of today the figure amounts to 4.9%. At the same time the New York index of construction of office buildings equals to 0.8%, the London index – 1.3%, the Berlin index – 0.1%, while for Hong Kong and Singapore it is estimated at 0.2%.
According to experts of the Department of urban planning policy, current trends in construction makes Moscow one of the leaders in the ranking of global business centers.
“We are keeping a close eye on the annual evaluations of international studies that compare the results of the Moscow construction complex with 12 major cities of the world. The results of last year’s PwC ranking have showed that Moscow is a leader on the global market in terms of average annual growth of commercial real estate. Only Beijing is ahead of Moscow with regard to the rate of construction of commercial real estate,” said Mayor of Moscow Sergey Sobyanin.
Since the beginning of 2011 construction of class A and B office premises has increased by 33% in the Russian capital. While heretofore offices were built mainly in the Central Administrative Okrug, today formation of new office clusters has embraced other districts of the capital – the North and South Okrugs. Since 2012, a number of business centers were commissioned on the new territories of the city, near MKAD. In total, according to the results of the last five-year period, the total area of commissioned offices in Moscow amounted to 640 thousand sq. m.
Over the past five years Moscow has got 18 new metro stations. During the same period, for example, New York has managed to build only one station, while not a single station was built in London.
The Russian capital leads in terms of the total area of commissioned housing residential property. Thus, 4.79 billion square meters of housing were built in Moscow. In New York, this figure is almost half as much, and London completed only 1.204 billion square meters.
Affordable rental value of offices makes a positive impact on competitiveness of the Russian capital.