Future tenants? - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

Future tenants? - News about real estate, Kiev, Kyiv region. Real Estate In UkraineThe end of 2008 was marked for the office market is not the only crisis that caused a decline in rental rates, but also laid the Foundation for new solutions, trade-offs between...Tenants of offices bought the musicIn Kiev on 30 January 2009 the company "Commercial interiors" was organized in the restaurant "Varenichnaya on Khreshchatik" business Breakfast for leading specialists of the companies in the field of development, consulting and property managementThe format of a private business Breakfast allowed to discuss to the specialists of the office market, the state and prospects of development of the industry. The discussion was attended by representatives of Management companies Technology Development, DTZ, CB Richard Ellis, Cushman & Wakefield, Topfwell, Savant, Cube.The end of 2008 was marked for the office market is not the only crisis that caused a decline in rental rates, but also laid the Foundation for new solutions, compromises between landlord and tenant.According to a senior agent office real estate international consulting company DTZ Vladislav topchieva, the total supply on the office market by the end of 2008 amounted to 920 thousand square meters, new — 200 thousand sq m, which was fully absorbed by the market. According to the optimistic forecast in 2009, the market can be deduced about 140 thousand sq m of office space and is absorbed by 80 thousand sq. m. According to the pessimistic forecast, the conclusion may be about 80 thousand square meters, and the absorption — 35 thousand sq. m. Respectively, will increase the vacancy rate space, rental rates will fall.If in 1-2 quarter of 2008 average rental rates for class A was $90-120 per sq m, in the 3rd quarter $75-80 per sq m by the end of the year, they fell to $45 per sq m (class b up to $25-30 per sq m). Overall, experts predict that in 2009, rental rates in office premises of class A will be maintained in the range of $35-55, in the class Of $25-45 per sqmHead of integrated solutions in international real estate consulting company Cushman & Wakefield Semyon Yurchenko raised at the meeting the issue of market transparency, communication between owners, tenants and consultants. The expert notes the lack of transparency in the relationship: the owners of the premises are kept secret and information about deals in the market, and on damages, amusing myself with the thought that you can fix the damage at a more advantageous level than is actually possible in the circumstances. So there is no active marketing for new business terms that are of interest to the tenant. Marked the transition of the market owner to a market tenant.The main trends of 2009• Landlords are trying to sign contracts for shorter periods of time and have the possibility of revising rents in 2-3 years.• Tenants are granted significant discounts on an individual basis.• More attentive to the requests and needs of tenants:- free Parking- in the rental rate may include compensation for the finish, especially for those owners who are not bound to the external lending;- lengthening of the period of the lease term (under forecasts of experts, by the middle of the year they reach 6 months; according to the representative of Cushman & Wakefield Seeds Yurchenko, London colleagues documented cases of lengthening rent vacation up to 26 months).• Possible new types and methods of incentives for tenants.• There is an increase in the number of leases terminated by the tenants.• Loss of rental Deposit does not stop the tenant in case of incompleteness of the parties to the lease rate.• The lessee will consider proposals only in the finished objects, or in those where the developer can guarantee the timing of their delivery. There is a clear dependence of the price on the location and quality of hold the object (on the Left Bank experts note the discount in 50%).• Increases the amount of office space offered for sublease (experts say the cases, when the companies signed long-term lease agreement in UAH, rent the excess space for sublease in dollars).• In most cases, the rent is set in dollars (in some areas, primarily class C, in UAH).• Tenants are prepared to save on operating costs, which is possible in the presence of a professional Manager.• There is a trend to move to cheaper offices.• Experts predict that the vacancy rate will rise from 6% to 10% (the figure for the previous year was 1-1,5%).The resultsSumming up, the participants of the meeting noted that the office market is structurally unsaturated, which becomes a problem after 2011-2012, when will the economic recovery. The crisis provides opportunities for investors and developers, gives impetus to the development of the market.The experts expressed the hope that the current situation on the market will bring the requirements to the quality of real estate on a higher level, as well as reasonable pricing mechanisms in the real estate.

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