Friday, November 24, 2017

Yekaterinburg facing office space shortage

The office estate market in Yekaterinburg may experience some space shortage in the next year.

Oleg Kitayev, the chairman of the Yekaterinburg Council Consumer Services Committee, spoke on the subject of office space this week. There are now 75 office centers in Yekaterinburg with a total area of 1.64 million square meters, Ural Business Consulting reports.

"The number of available premises is going down in Yekaterinburg and comes to about 10 percent at the moment," Kitayev said, according to Ural Business Consulting. "I think that the market will become 100 percent saturated over the next year. As a result, some shortage might be felt, as very few new buildings are expected to be commissioned. For one, only one Class A object will be built: this is the President at 1a Boris Yeltsin St."

Kitayev said that the rent rates of the properties range from $18.71 to $77.97 per square meter.

"There are about 15 percent to 20 percent of available office premises in the Class B+ category, but no new buildings will probably be launched either," Kitayev said, according to Ural Business Consulting.

Kitayev said that most of the office space can be found downtown in the first and second most expensive parts of Yekaterinburg.