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The Impact of Rouble Depreciation on Commercial Real Estate Rents

​The rouble has come under significant pressure this year. Moderating growth prospects, a dwindling current account surplus and the Central Bank’s commitment to let the currency freely float against the USD have combined with general emerging market malaise to make the rouble’s YtD sell off the most aggressive of the BRIC countries.
In this short note we consider in more detail the impact of a weaker rouble on rental rate levels across the commercial real estate sector drawing on historic context as well as considering current and future rouble dynamics to assess the risks that a weaker rouble environment poses for the commercial real estate industry.

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