High rents in Moscow are prompting international retailers to look at secondary cities in Russia as well as some of the former Soviet states like Ukraine, Jonathan Riches, assistant research director at CB Richard Ellis has told PropertyEU WebTV.
High rents in Moscow are prompting international retailers to look at secondary cities in Russia as well as some of the former Soviet states like Ukraine, Jonathan Riches, assistant research director at CB Richard Ellis has told PropertyEU WebTV.
The finding is based on CBRE's global emerging markets survey which polled 300 retailers worldwide on their expansion plans and strategies. Riches said Ukraine was very high on the retailers’ agenda, with a focus on the capital Kiev.
'Moscow traditionally has been a place where they have been looking, but the rents are incredibly high so the focus has been on secondary cities in Russia and that has also driven people to the former Soviet states such as Kazakhstan and Ukraine. So Kiev is certainly high on our list,' Riches said.
