The volume of Class A and Class B+ office space constructed in the Belarus capital Minsk is set to double from 26,000 m² in 2007 to 52,000 m² by the end of 2008, according to new Colliers International Belarus research.
Class B and C office space constructed is forecast to increase in volume from 20,800 m² this year to 86,600 m² next year. Colliers International Belarus predicts that such a big increase in supply volume will temporarily overflow the market.
Colliers International Belarus also say in their new market overview that a shortage of land and parking lots in the center of Minsk is likely to result in the development of new office projects further out from the city center.
Mikhail Gradovich, Managing Director of Colliers International Belarus, said, "Our research shows that there is likely to be a temporary abundance of office space in Minsk as the bulk of new projects is going to hit the market about the same time - at the end of this year and beginning of 2008."
Andrey Aleshkin, the consultant at Colliers International Belarus who produced the report, added, "Over the long-term we will see sustained increases in demand for quality modern office space in Minsk."
Colliers International Belarus opened in Minsk this year as the first international property consultancy operating in the market.