Commercial real estate market of Russia has already passed its nadir, according to global consultants Cushman & Wakefield in its quarterly report for Q4 2009. The report also claims occupiers are much more active than a year ago.
Commercial real estate market of Russia has already passed its nadir, according to global consultants Cushman & Wakefield in its quarterly report for Q4 2009. The report also claims occupiers are much more active than a year ago.
C&W said two deals in the last quarter of 2009 involved foreign capital, which is a sign of awakening interest from foreign investors for commercial real estate in Russia. Yields remained stable throughout 2009. In 2010, C&W expects them to compress now that the overall market correction is over.
Denis Sokolov, partner and head of Advisory and Research, Cushman & Wakefield, commented: 'We should bear in mind that the real estate market is highly dependent on other sectors of the economy. And there is no strong evidence that the economy had fully recovered, the 'second wave' of crisis real estate market can not be excluded. Nevertheless, we see increased business activity and interest of large investors in the real estate market'.
