Saint Petersburg, Russia
Last Revised: June 2010
Saint Petersburg is Europe’s 4th largest city and in 2009 had its rents for Prime Office and Retail rates decrease at a slower pace than that of Moscow. The stability of the region is due to its critical location and stable blend of both local and foreign business.
Formally known as Leningrad until 1991, Saint Petersburg is also considered the “Venice of the North” due to its many rivers and canals.
Saint Petersburg is a financial and industrial center of Russia. The city is a very important city of Russia in terms of trade, especially oil and gas trade.
Saint Petersburg serves several important industries like shipbuilding yards, aerospace industry and other electronic, software and IT industries. The machine building and mining industries are also very well developed in the region.
In the past few years major companies such as Coca Cola, Toyota, Bosch-Siemens, Wrigley and Suzuki have made considerable investments in the city of Saint Petersburg.
With high investment ratings (BBB from Standard & Poor’s and Ba2 from Moody’s) coupled with its economic and political stability, Saint Petersburg is seen as an attractive option yielding exposure to over 10 million people of the North Western Region.
Saint Petersburg Rates At A Glance
| Conversion 29.52 RUB = 1US$ |
Net Rent SQ Meter Per Mo. |
USD Net Rent SQ Foot Per Year |
|||
|---|---|---|---|---|---|
| Downtown Office | Low | High | Low | High | Vacancy |
| New Construction (AAA) | $41.66 | $66.66 | $3.87 | $6.19 | N/A |
| Class A (Prime) | $33.33 | $66.66 | $3.10 | $6.19 | N/A |
| Class B (Secondary) | $25.00 | $33.33 | $2.32 | $3.10 | N/A |
| Suburban Office | Low | High | Low | High | Vacancy |
| New Construction (AAA) | $25.00 | $37.50 | $2.32 | $3.48 | N/A |
| Class A (Prime) | $25.00 | $2.32 | $2.32 | $3.48 | N/A |
| Class B (Secondary) | $12.50 | $25.00 | $1.16 | $2.32 | N/A |
Doing Business in Saint Petersburg.
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