BTW

Moscow On The A-List

By Jason Bush

Go East. That’s the message from a Pricewaterhouse­Coopers/Urban Land Institute poll that asks 500 European real estate investors and developers where they’re putting their money. Moscow is No. 1, followed by Istanbul. With the financial crunch hurting Western Europe’s markets, Paris, last year’s favorite, is No. 5, and London fell to No. 15, from second place in 2007. Meanwhile, Russia’s galloping oil-fueled economy is creating demand for commercial space in Moscow. Real estate consultancy Knight Frank puts annual investment yields on its offices and malls at 8%, vs. 4% to 5% in major Western European cities.