Алексей Емельянов

The Vybor group is currently one of Nizhny Novgorod’s leading realtors as well as one of the largest construction companies. LCMC representatives comment that the agreement represents the start of a new strategic partnership in the commercial real estate market in Nizhny Novgorod.
 
According to market research carried out by LCMC the market for office areas within business centers is currently at a beginning stage. However specialists from LCMC comment that the conditions are in place for development. “The bulk of the market centers around office areas in scientific research institutes or auxiliary manufacturing buildings which haven’t been properly reprofiled or modernized.

However in 2005 several new business centers were constructed offering higher quality areas for lease. These new sites are setting a new standard for commercial real estate in the city. Over the medium-term perspective (2-3 years) significant growth is expected in the office center area supply volume in the city which will lead to increased levels of competition. Local investors and builders regard the city as being attractive for investment in commercial real estate. Demand for office real estate currently exceeds supply and over the coming years is expected to grow. Today there is in particular a significant shortfall in high quality supply,” comments LCMC.