Moscow came only 23rd in the global ranking of most expensive office locations, according to a study released by JLL, which specializes in real estate and investment management.
The researchers compared the costs of premium class tenants in 46 cities around the world and found out that Hong Kong’s Central District ($3,470 per sq meter a year), New York’s Midtown ($2,080) and London’s West End ($2,070) are the most expensive locations.
Moscow, in turn, lost its positions from previous years. Its rates fell back from $1,140 in 2015 to $955 in 2017. Therefore, it lost out considerably to this year’s top 10 cities, which include, inter alia, Beijing and Delhi — at $2,040 and $1,580 per square meter respectively.
According to Elizaveta Golysheva, JLL’s national director in Russia and CIS countries, the general downturn on the premium rental market and the growing share of available locations has made property owners more open to dialogue. As a result, office rental space in Moscow has become cheaper.
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