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Class A Office Space Construction in Belarus Capital Minsk to Double Next Year - The volume of Class A and Class B+ office space constructed in the Belarus capital Minsk is set to double from 26,000 m² in 2007 to 52,000 m² by the end of 2008, according to new Colliers International Belarus research
Class A Office Space Construction in Belarus Capital Minsk to Double Next Year

 

NewswireToday - /newswire/ - Zagreb, Croatia, 2007/10/22 - The volume of Class A and Class B+ office space constructed in the Belarus capital Minsk is set to double from 26,000 m² in 2007 to 52,000 m² by the end of 2008, according to new Colliers International Belarus research.

   
 
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Class B and C office space constructed is forecast to increase in volume from 20,800 m² this year to 86,600 m² next year. Colliers International Belarus predicts that such a big increase in supply volume will temporarily overflow the market.

Colliers International Belarus also say in their new market overview that a shortage of land and parking lots in the center of Minsk is likely to result in the development of new office projects further out from the city center.

Mikhail Gradovich, Managing Director of Colliers International Belarus, said, “Our research shows that there is likely to be a temporary abundance of office space in Minsk as the bulk of new projects is going to hit the market about the same time - at the end of this year and beginning of 2008.”

Andrey Aleshkin, the consultant at Colliers International Belarus who produced the report, added, “Over the long-term we will see sustained increases in demand for quality modern office space in Minsk.”

Colliers International Belarus opened in Minsk this year as the first international property consultancy operating in the market.

According to Mihails Morozovs, Managing Partner for the Baltics and Belarus, notwithstanding the specific features of the business environment such as state ownership of land, the predetermined use of lots, and the numerous state rules and regulations, the country’s business community understands that the commercial real estate market has no other way to advance than through developments of a professional standard in each sector.

Colliers International is a global affiliation of independently owned and operated companies.

 
 
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Written by / Agency / Source: Colliers International

 
 

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Class A Office Space Construction in Belarus Capital Minsk to Double Next Year

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Publisher Contact: Christen Thomson - Colliers.com 
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Colliers International securities in any jurisdiction including any other companies listed or named in this release.

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