Moscow Government to Classify Local Office Market Inventory

Moscow Government to Classify Local Office Market Inventory

Commercial News » Moscow Edition | By WPJ Staff | April 30, 2015 8:58 AM ET

Through an open competitive bid, the City of Moscow has selected Cushman & Wakefield for the systematization, classification and structural analysis of Moscow office real estate market. The original bidding process was announced by Moscow City Planning Policy Department early in October 2015. Five organizations, including large international companies competed to win.

Cushman & Wakefield is to develop assessment methodology for office premises, a database on office schemes and the technology to monitor it. At the moment there are two main classifications recognized and implied by market-players.

These ones were delivered to market by Moscow Research Forum and the Guild of Managers and Developers. However the task set by the Moscow Government is to develop the tool embracing far more extensive range of real estate developments. Such tool will shape overall and objective vision on Moscow office real estate market. The works are expected to be done by December 2015.

Yulia Bogomol, Associate Director at Cushman & Wakefield Research Department tells World Property Journal, "An easy and effective method to classify offices by quality characteristics is undoubtedly a big advantage and the evidence of a mature market. Unfortunately at present time Moscow market doesn't operate such a mechanism, there are only some classifications used by market players at their own convenience. So this major objective to unify the system is truly anticipated. We hope that our efficient cooperation with City Planning Policy Department will result in development of an effective tool that will aid in decision-making and give a clear market vision. We will take every effort to achieve that goal.

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