Moscow trends in Europe in terms of prime commercial property rents
Moscow has gained a leading position in the ranking of European cities in terms of prime commercial property rents, according to the Knight Frank press release.
“In terms of offer volume of prime commercial property rents the real estate market of Moscow is the largest in Europe (GLA – 5.47 million sq.m.). Paris (GLA – 4.7 million sq.m.) and St. Petersburg (GLA – 2.83 million) come second and third. Out of regional Russian cities Ekaterinburg (GLA – 769,764 thousand sq. m.) hits the European Top Ten in terms of prime commercial property rents.
Taking into account projects under construction and shopping center planned for construction, provision of Moscow residents with retail areas might increase up to 609 square meters per thousand people by the year 2019. In 3 years Moscow could enter the European Top 5 in terms of development of retail infrastructure, the statement said.