baltic states and belarus real estate market review - Colliers

Real Estate Market Review 2011 | Belarus Office Market
Commercial Office Projects planned for 2011
Source: Colliers International
Project Address GLA, sqm Developer
Sky Towers Leshinskogo St. 8 14,000 Kassar
No name Timirjazeva St. 65V 10,000 Ofisinvest
Opel-Centre Timirjazeva St. 9,700 Ingrado
Prima Surganova St. 9,200 Studencheskij Dom
Forum Plaza Kozlova/Akademicheskaja St. 8,300 Delorm
Tivali-Center Prityckogo St. 7,500 Festival'nyj Centr
No name Zheleznodorozhnaja St. 6,700 Techinmash
No name Smolenskaja St. 6,500 Minskkontrakt
Europe, 2th line Surganova St. 8,000 Rubirous Int.
Slavjankij Nemiga St. 3 5,000 Parking
No name Gamarnika St. 4,500 Lankorma
Velcom Internacional'naja St. 4,000 Prudenko Investments
No name Bogdanovicha St. 155A 3,800 Triple
Azimut Chapaeva/Bjaduli St. 3,500 Univest-M
No name Ajerodromnaja 2,500 Minsk-City
Optima Zheleznodorozhnaja 2,500 ElitSrojTehMontazh
Total 105,700
Major Built-to-Suit Office Project Completed in Minsk in 2010
Source: Colliers International
Project Address GBA, sqm Developer
VTB Moskovskaja St. 14 4,230 VTB-Bank
Total 4,230
Major Built-to-Suit Office Project Planned in Minsk for 2011
Source: Colliers International
Project Address GBA, sqm Developer
Velcom Internacional'naja St. 12,000 Prudenko Investments
Belarusbank Dzerzhinskogo Ave. 37,000 Belarusbank
Electro Lab Smolenskaja St. 8,000 Electro Lab
Total 57,000
Demand Structure for
Office Space in Minsk in 2010
Source: Colliers International
15%
13%
Under 50 sqm
50 - 100 sqm
100 - 250 sqm
7% 1%
63%
250 - 500 sqm
500 and more sqm
The supply structure of office space changed
in 2010. The new business centres were all
classified B Class (3 of class ВB2, and 1 of
class ВB1). The business centre
“Nemiga-City”, which was previously graded
A class, became B Class following 5 years of
operation. Presently there are 3 business
centres of class A in the market with GLA of
26,500 sqm GLA, making up 7 per cent of the
market total.
Participants in built-to-suit office projects
are still banks and major companies.
In spite of price reductions and rent rate
decreases for office spaces since 2009,
certain companies (mostly banks,
telecommunications companies and other big
businesses) continue to occupy or built-tosuit
office construction due to the lack of
suitable space, particularly larger and
modern premises. During 2010 the major
built-to-suit office project completed in Minsk
was bank VTB building on Moskovskaja
Street.
Originally the project was planned for
operation in 2009 but like many other others
construction was postponed and the building
was finally building completed in 2010. This
was again the same case for the
reconstruction of the electro laboratory
building on Smolenskaia Street, which was
previously announced for 2010 but was
delayed until 2011.
The major built-to-suit project planned for
2011 is the office building for the main
Belarusian bank “Belarusbank” and
telecommunication operator “Velcom”. At the
end of 2010 erection of the main office
building for Belarusian Potash Company on
Masherova Street was started. Due to project
scope, completion is expected no sooner that
in 2012.
CONTACTS: ANDREY PAVLYSHKO - a.pavlyshko@colliers.by l ANDREY ALESHKIN - a.aleshkin@colliers.by
Colliers International | p. 80