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Moscow
MOSCOW-You may have
been thinking China or
points east, but Moscow
leads the world in office construction, according to the latest Global Office
Real Estate review by Colliers International. Second on the list is Dubai.
According to the report, Moscow had an estimated 26.9 million sf
of ongoing commercial property construction compared to 24 million sf in Dubai.
“It’s no surprise to see Dubai so close to the
top in terms of construction activity,” says John Davis, CEO of Colliers
International in the Middle East. “This
go-ahead emirate has been making massive progress in recent years with
development steaming ahead at an incredible compound annual growth rate of
42.5%.
“Dubai currently boasts 14 million sf of available primary and secondary-grade office space
within its established CBDs, a relatively small
amount considering the rapid influx of foreign business and the development
of indigenous entities currently being undertaken here,” he continues.
“Supply is quite simply not meeting demand and developers are feverishly
trying to correct the market.”
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