As Russia veers toward a recession, rental rates at warehouses in the Moscow region dropped to a five-year low in the first quarter of this year, real estate consultancy CBRE said in a report late last week.

The average price for warehouse space in the first quarter stood at 4,600 rubles ($83) per square meter, according to the report.

Rates may gradually begin to recover in the second half of the year, when the volume of new warehouse space entering the market goes into decline, the report said.