Odessa in Office Space

With the rapid development of Odessa region's international transport system, one can easily predict that there will be a high demand for office building from international corporations. Currently most international corporation have their offices in Kiev. However with the increasing in trade volume through the ports of the Odessa region it stands to reason that these corporation will have to open up branch offices in Odessa, this movement has already started.

Today less than 1% of office space available in Odessa is on a Class A standard. Class B office make up for little more than 3 % of the total office space available. Class C makes up most of the remaining office space available, approximately 57 %. The remainder is made up of residential properties that have been rezoned to be office space. Most often these office spaces are old and antiquated.

The reason for this disparity is due to the long construction cycle of 1.5 to 2.5 years required to construction a new office building. Many construction managers have taken notice at the past success builders in Moscow, Kiev and St. Petersburg had by getting to market first. Thus many local builders have chosen to convert old Soviet style building into office space to meet the rapid increase in demand. Today the cost of 1 square meter of Class C office space is about $35 to $40, Class B can be as high as $70 per square meter.

However the resulting office space only meets Class C standards. Also these builders have failed to note today's tendencies in these lead cities. Today the tendencies across Moscow and St. Petersburg is to buy up new business centers in mass after their period of capitalization. The trend is Odessa is beginning to follow the same pattern, thus one would expert that there will be a high demand for new office building 2 to 4 years from now.

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