Will Moscow’s Real Estate Bubble Burst?
There’s something big being done and it’s all development, real estate development. The Moskva-City development marches ahead, hewing to a schedule to bring on line one major building a year until 2015 on the supply side. Manhattan of the East also known as Moscow is to have the 10 of the tallest office buildings in Europe.
Moscow has 10.6 million people compared with Amsterdam’s 750,000 but currently has 7.4 million square meters of modern office space. 50 percent higher than rents paid for offices in the “trophy” skyscrapers of midtown Manhattan are given this spring prime office rents in Moscow are going above $2,000 a square meter.