Offices rental costs considerable

The centre of Minsk is among the top thirty most expensive locations for offices globally, explains Olga Senchuk, the Deputy Head of Tvoya Stolitsa. Real Estate for Business Agency 
By Yekaterina Markova

Her company notes that the highest office rents around Minsk are located on Kirov, Tolstoy, Tsetkin, Nemiga, Zybitskaya and Kupala Streets: 35-43 Euros per square metre monthly. She tells us, “This area, in the centre of Minsk, is more expensive than similar areas in Madrid, Vancouver, Kiev, Seoul, Vienna and Vilnius. Office rents are more than double those in popular quarters of London, Hong Kong, Moscow, Beijing and New York.”

The Pobedy Square area is also expensive, at 30-40 Euros per month for each square metre of office space, and premises along Surganov Street cost 30-35 Euros per square metre, as do those on Dzerzhinsky Avenue, and Lyuksemburg and Tsetkin streets. The next most expensive are along Independence Avenue, near Filimonov Street and Kolas Square, at 25-30 Euros per square metre.

Most business centres are of A and B class, paying 35 to 43 Euros per square metre. However, parking remains a problem, since office sites can rarely offer parking spaces.

Premises in the historical centre of the Belarusian capital are in great demand, bringing high rental rates, while those along main roads, within the second economic-planning zone, are also pricey. Ms. Senchuk comments, “Independence Avenue is notable and businesses are also starting to gather along Pobediteley Avenue. In 2014, several business centres are to open, altering the appearance of the area. Emerging business districts are, of course, the cheapest.”

“As the central areas of the capital consolidate, the demand for office premises is shifting towards the ring road, as expected. Naturally, this location offers good access to transport and the advantage of parking spaces — unlike the central part of the city,” Ms. Senchuk continues.

The most popular locations tend to be in the Leninsky, Oktyabrsky and Moskovsky districts of Minsk, while those in the Frunzensky District are a little cheaper. The cost of one square metre in the most expensive quarters is almost double that of the average salary in the city, so such premises tend to be rented by successful private Belarusian enterprises and representations of foreign companies. The major factors in choice of site are location and accessibility of transport.
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