Sunday, October 16, 2011

Moscow Ranks "Most Desirable" for Expansion in Survey of European Companies

For the second year in a row, a survey by property consultants Cushman and Wakefield has placed Moscow as the most desirable city for expansion by European companies. Tim Millard, Managing Director of Cushman & Wakefield in Russia, said the results of the survey reflect the strong growth prospects and rising consumer spending of Russia:  “Moscow remains the most attractive city for future corporate expansion in Europe and is considered more than twice as important as the second place city as a driver of future corporate growth. This is being accelerated by very strong expansion in consumer spending, with the potential for this to be leveraged up considerably due to the current low levels of penetration of consumer credit, strong growth in B2B sales and large potential in regional cities beyond the traditional powerhouses of Moscow and St Petersburg." Moscow's strong showing is likely underpinned by strong GDP growth in Russia, continued high oil and gas prices, and a strong level of foreign currency reserves as well.

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