In Moscow's vacant skyscrapers, backpackers mingle with bankers
'What image-conscious business is going to buy office space in the same skyscraper with a youth hostel?'
A couple stand on the banks of the River Moskva across from Moscow City, the new financial district of Russia’s capital. Envisioned as a hub of emerging market finance, the district now is one-third vacant even as more skyscrapers open.James Hill/The New York Times
A businessman waiting on an elevator makes a call. Moscow City’s woes reflect broader problems in the Russian economy, as international sanctions cut demand for office space for stock traders, auditors and bankers.James Hill/The New York Times
Workers on their lunch break use the tunnels linking the many skyscrapers. The entire site, some 148 acres that now includes the tallest building in Europe, Mercury City Tower, had a vacancy rate of 32 per cent at the end of October, according to Cushman & Wakefield.James Hill/The New York Times
Up 43 floors, the High Level Hostel opened in September with 24 beds, with prices starting at $25.50 in a six-person room, including breakfast. The 60-story Empire Tower is still largely empty two years after opening and was designed for a more professional clientele.James Hill/The New York Times
“The cafés, amenities and dress code you need is different for clients of a youth hostel and for investment bankers,” said Darrell Stanaford, a real estate analyst in Moscow with Romanov Dvor. “What image-conscious business is going to buy office space in the same skyscraper with a youth hostel?”James Hill/The New York Times
A woman climbs steps toward one of the many skyscrapers. The vacancy rate is projected to rise above 50 per cent next year when new buildings open.James Hill/The New York Times
One tower, called Evolution, twists in a DNA-evoking double helix. The spires of Federation Towers resemble billowing sails, evoking Russia sailing into a capitalist future.James Hill/The New York Times
A lone worker visible in the Evolution Tower. Read the full story at link below: Moscow’s skyscraper district – pricey reminder of nation’s woesJames Hill/The New York Times