On March, 4 Swisshotel Krasnyye Kholmy hosted round-table discussion ‘Development 2010: the Future Starts Today’ at which the leading developers of the country discussed the highlights of the previous year and prospects for the real estate market. The guest speaker of the event was Pyotr Isayev, head of commercial real estate division, Capital Group; he shared his experience of successful completion of a number of projects in the field of commercial real estate and outlined market prospects.
Speaking about current market trends, the participants of the roundtable discussion emphasized stabilization in the segment of office real estate. “Most forecasts have it that office real estate class A continues to be in high demand and that its prices will return to previous levels in the very near future. The market is not yet saturated with supply of this category, and high-quality facilities quickly disappear from the market,” notes Pyotr Isayev.
This trend is illustrated by the project Capital City whose implementation coincided with the outbreak of the global financial crisis: “Today, it is a completed first-line facility comprised of a spacious car park, excellent infrastructure and state-of-the-art engineering systems. That is why it is in demand with potential buyers. Currently, 87 percent of its office space have been leased, which demonstrates a low vacancy rate. There is also a manifest interest in another multi-use complex which is now under construction in the Tsvetnoy Boulevard. We believe the multi-use sector to develop new standards. According to Pyotr Isayev, meeting customer expectations is a major prerequisite of success in future projects.
Market analysis is equally important in the segment of commercial real estate. In March 2010 Capital Group intends to open the Rechnoy shopping and recreation centre. Its major advantage is the objective floorspace and its format. Unlike most of shopping and recreation centres that are being
opened today. The Rechnoy centre (30 thousand square meters) boasts low vacancy rates – over 90 percent of its floor space have already been leased while rates under previously signed lease agreements remained unchanged.”
Pyotr Isayev’s contribution and other projects of the company were highly commended by the participants of the round-table who unanimously believe that the future of the segment belongs to professionals and appropriate conceptual solutions.