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Up 43 floors, perched 170 meters above the city, the High Level Hostel, in the Imperia Tower building, opened in September with 24 beds, with prices starting at $25.50 in a six-person room, including breakfast.
The 60-story Imperia Tower, opened two years ago, was designed for a more professional clientele. Photo credit: James Hill / The New York Times / theglobeandmail.com
The building is at least 54 percent empty, according to real estate agency Cushman & Wakefield.
A couple stand on the banks of the River Moskva across from Moscow City, the new financial district of Russia?s capital. Envisioned as a hub of emerging market finance, the district now is one-third vacant even as more skyscrapers open. Photo credit: James Hill / The New York Times / theglobeandmail.com
“The cafés, amenities and dress code you need is different for clients of a youth hostel and for investment bankers?” said Darrell Stanaford, a real estate analyst in Moscow with Romanov Dvor. “What image-conscious business is going to buy office space in the same skyscraper with a youth hostel?”
James Hill / The New York Times / theglobeandmail.com
“Moskva-City” Skyscrapers Set to Be Emptier Than Ever
Photo credit: Yevgeny Razumny / Vedomosti / The Moscow Times
“Moskva-City,” a financial district of glass-fronted skyscrapers meant to be Russia’s answer to New York’s Wall Street, will be nearly half vacant this year, according to elite Moscow-based real estate consulting company Blackwood, The Moscow Times reported.
Around 45 percent of the district, which includes the tallest towers in Europe, is expected to be vacant as the construction of new buildings wraps up amid Russia’s economic slump, Blackwood said in a recent press release.
Russia’s economy is expected to shrink by as much as 5 percent this year, weighed down by Western sanctions, low oil prices and a halving of the value of the ruble against the U.S. dollar since last summer.
Ruble devaluation has hit Moskva-City particularly hard: Rents in the district, as with many high-end properties in Russia, are denominated in now-pricey dollars.
Western sanctions on Russia over Moscow’s actions in Ukraine are meanwhile ravaging the fortunes of many of the companies that Moskva-City was aimed at: banks and foreign firms.
KILDER / SOURCES: www.theglobeandmail.com – www.themoscowtimes.com
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