Moscow`s Tverskaya Street - one of most expensive

Analysts at the Cushman & Wakefield Healey & Baker international agency have compiled a table of the most expensive streets in the world, which includes Moscow`s Tverskaya Street in seventh place, ahead of Tokyo`s Ginza, streets in Beverly Hills, and also the up-market areas of Sydney, Toronto and Montreal.

According to the agency, rent rates in Tverskaya have soared by 40% since last year.

This summer Moscow featured in another world rating when analysts at Mercer Human Resource Consulting claimed the Russian capital was the second most expensive city in the world. A year before then, Cushman & Wakefield Healey & Baker researchers included Moscow in the top five cities in terms of office rent.

This time, experts evaluated commercial estate rents in the most animated streets of the world`s capitals. They compared average annual commercial rents per square meter. Moscow was in seventh place ahead of Pitt Street in Sydney ($3,449 per square meter) and right after Kaufingerstrasse in Munich ($3,577). According to international experts, it costs $3,500 to rent one square meter on Russia`s main street, which is an unrivaled record high figure for the country.

Interestingly, commercial renting in Rodeo Drive, Beverly Hills, would cost nearly 20% less - $2,950 per square meter. Commercial rents in Union Square in San Francisco are even lower - $2,691 per square meter.

European streets, too, have proved to be fairly expensive. On the whole, commercial rent in 2004 went up by an average of 4.6% worldwide


Finansovye Izvestia

sections: Society, Region News
regions: Central region