The office market in the Ukrainian capital of Kiev will witness a recession in 2009, which, in turn, could lead to a decline in rental rates, according to a report from CB Richard Ellis. 'The world financial crisis has already affected Western European property markets and its echoes are becoming evident in Ukraine,' Radomyr Tsurkan, managing partner of CB Richard Ellis in Ukraine said. 'Growth of rental rates observed over the last few years has reached its absolute historical maximum. Given the current economic situation, we believe it is highly probable that rental rates will decline.'
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