May Sochi Rental Summary

The residential rental market in Sochi's Adler District (home to the Olympic Park) continues to tighten.  We are working with several companies renting apartments and are seeing a rapid absorption of available capacity and rising prices in the few newer buildings in Adler's center that conform to western standards.  A one room apartment with western standards will cost from 40,000- 50,000 rubles per month (about $1,330 to $1,660).  A two room apartment will cost from about 65,000 rubles to 80,000 rubles a month (app. $2,160- $2,660).  A larger apartment with three rooms, runs from 90,000- 120,000 + rubles each month (app.$3,000- $4,000).   Utilities will vary according to size and location.  Bear in mind, that Russian apartments consider rooms, rather than bedrooms, the standard.  A room is anything other than a kitchen, bathroom, corridor or balcony (living rooms frequently double as bedrooms). 

Adler Rental

Central Sochi, regarded as a more desirable location because of its physical beauty, shopping, restaurants and a larger number of western-style apartments, is now somewhat less expensive than central Adler District.  The distance between Adler (and the Olympic Park) and central Sochi is only about 25 kilometers, but the commute can be long.  Nonetheless, for those who work in the center or with flexible schedules, Sochi is becoming an increasingly attractive opportunity because the ruble goes further.

Sochi Rental

One room apartments with western standards in the pedestrian center of Sochi will run from 35,000- 60,000 rubles per month (app. $1,160- $2,000).  Two room apartments cost 40.000 to 60,000 rubles each month (app. $1,330. $2,000).  An apartment with three rooms  (85 - 100 square meters) will run from 70,000 to 100,000 rubles monthly (app. $2,330- $3,330) and up to 120,000 (app. $4,000) for the best and largest apartments on the best streets.  There are large, two-floor penthouses with spectacular views available at monthly rentals of 125,000 to 300,000 + rubles (app. $4,160- $10,000).

Penthouse View

Office space in Adler runs about 1,200- 1,500 rubles per square meter per month ($3.68 to $4.60 per square foot per month).  Central Sochi offices also typically costs from 1,200 to 1,500 rubles per square meter per month.  A new mixed-use building in the center with sweeping views of the city offers offices from as small as 18 square meters to a larger suite of about 220 square meters at 1,300 rubles per square meter per month ($3.99 per square foot per month). The new Class "A" building (shown below) near the Sochi City Administration has offices ranging from 2,500 rubles to 5,000 rubles per square meter per month ($7.68 to $15.35 per square foot per month).

Please contact me directly for workforce accommodations, office rentals and all desination management needs, including transport, documentation, communication and event management: bruce@destinationsochi.com

New Office Building

Video Of May Day In Sochi

We have posted a new video on SochChannel.com of the events held in Sochi on May Day.  The traditional worker's holiday is celebrated all across Russia on the 1st of May.  Sochi celebrated the holiday with a parade past the Winter Theater.  Park Dendrary was opened to the public free of charge, also.

Brian Burke, Hockey Legend and N.H.L. General Manager, Visits Sochi

Brian Burke, the President and General Manager of the Toronto Maple Leafs and General Manager of the U.S. Hockey team, visited Sochi on Saturday, April 28.  Mr. Burke planned on arriving in Sochi on Friday, the 27th, but due to fog his flight was diverted to Krasnodar. He waited all evening in the Krasnodar airport until the flight was cancelled at about 10 p.m.  Because his schedule is demanding and time was short, Mr. Burke caught a taxi and persuaded the driver to make the 6 hour trip overnight on the serpentine Black Sea route to Sochi.  He arrived at about 5 a.m. After a quick shower and cup of coffee, I showed him central Sochi, Adler and the Olympic Park before he departed for Sweden. When I asked him about staying in a hotel in Krasnodar, instead of driving all night to Sochi, he told me there was no assurance he would have been able to fly here the next day. This may have required him to cancel Sochi.  He said it was important to him to see the environment where players would be living and competing and that he could not speak credibly about it and the issues they would face unless he had been here.  It is not hard to see how his attention to detail and work ethic has led to so much success, both in the NHL and for the U.S Hockey team.  

Brian Burke was born in Providence, Rhode Island into a family that eventually included 10 children.  When he was about 11, the family moved to Edina, Minnesota.  In Minnesota, he received a late introduction to hockey, the sport that would dominate his life as a player, agent and eventual General Manager of the Hartford Whalers, Vancouver Canucks, Anaheim Ducks and currently, the Toronto Maple Leafs.  The Maple Leafs are one of the marquee franchises not only in hockey, but in all North American sports.  Remarkably, he is the first American-born G.M. of the Maple Leafs. Brian also was the General Manager of the U.S. men's hockey team that won a silver medal in the 2010 Winter Olympics.  He attended Providence College and Harvard Law, so his educational pedigree is as strong as his hockey background.  

Brian and I talked about the Olympic Park and the construction that Sochi is undergoing.  He noticed the numerous apartment buildings, road and street projects being constructed and we walked around the airport.  He told me that the Olympic Park and venues were "very impressive" and that the new airport is an excellent facility for an Olympic city.  He also told me that the overall changes that Sochi is undergoing are remarkable.  

The entrance to the Olympic stadium is only about 100 meters from the Black Sea, so we stopped there and took photos.

 

Hotel, Restaurant and Cafe Expo

April 4- 7 saw an expo on the boardwalk at Lighthouse Beach.  About 100 exhibitors were there to sell products and services to the hotels, restaurants and cafes in Sochi.  We attended and took photos of the event. Sochi is adjusting to its changing market with new hotel providers such as Hyatt, Marriott and Hilton.  Radisson is adding another property.  New restuarants are opening to appeal to Sochi's increasingly international visitors. However, Sochi has a shortage of catering companies that can satisfy the demands of outside organizations for events. We are working with several companies that are expanding into Sochi and at least one restaurant with foreign ownership is planning to expand into catering to meet the demand.

Workforce Accommodation in Sochi

The situation for companies seeking workforce accommodation in Sochi is complicated by several factors.  One issue is that with traffic and construction workers will face commuting delays, even when living relatively close to their workplace.  Apartments in older buildings in Sochi are individually owned and new buildings are usually quickly sold out to indiivdual homeowners.  Sometimes the process is completed even before the building is finished.  So, there are no large apartment complexes that are owned and managed as rental properties. This means assembling a number of apartments in one location will be very difficult. 

We have a database of apartment owners and projects where rentals are available.  The objective is to identify properties with the standards that foreign companies and workers will expect.  Then we find individual owners who rent apartments in those projects.  Since there are very few owners with large inventories, it is complicated. We also anticipate the shopping and transportation needs of workers, so that when companies come here, they will have the information necessary to make the best selection possible.  We also provide help with negotiation and legal documentation and have several packages of services to meet the homefinding and eventual departure needs of executives and workers coming to Sochi. 

Please visit the site, DestinationSochi.com to learn more about our services and the ways in which we can offer expert help.   The site has contact information, also.  

We advise companies and organizations to contact us as quickly as possible to discuss planning.  Because of capacity issues, costs will rise and favorable locations will be unavailable for late entrants.