By 2015, Moscow will boast the 10 tallest office buildings in Europe–and already prime office rents in Moscow are going above $2,000 a square meter, 50 percent higher than the most prestigious skyscrapers of midtown Manhattan.
Here is more, interesting throughout, and thanks to John Bailey for the pointer.
Addendum: Don’t forget this part — about corruption — either:
Indeed, by some estimates, Russia’s GDP growth should have been closer to 14 percent–after all, Russia is the world’s largest energy exporter at a time when prices have tripled during the last half decade.
Have you seen any writings on or estimates of productivity in the Russian Federation; any measures of the effects of the ongoing inflation and decreasing labor supply?
At 14 percent GDP growth, the people skimming the extra millions they didn’t need over the last several years might have ended up even richer in the future.
@ Gil,
Russia’s population may be declining, but Moscow’s is booming.
Rent will be cheap when Russia’s kleptocracy finishes squandering its resource wealth and all its left with are undereducated, unhealthy citizens.
Comments on this entry are closed.