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Knight Frank, Colliers International and Jones Lang LaSalle announce the creation of the St. Petersburg forum of real estate market analysis (St. Petersburg Research Forum). The result of the activities of the “big three” will be the development of a single classification of real estate objects in St. Petersburg and of co-ordinated approaches to the methodology of market analysis.
The adoption of a new system of classification will make possible the implementation of unified quality standards used to determine the class of building. As part of the first stage, office classifications will be developed, after which analogical classifications for the warehouse and retail segments will be created. In this way, all the participants in the market – investors, developers, consultants, tenants and owners of space – will have a set of criteria making it possible to objectively assess the tendencies of the market’s development and to make forecasts for it.
This classification is especially timely in the conditions of the quickly developing market. The growing number of large scale and high quality projects announced for realisation in 2007-2008 in the field of warehouse, office and retail real estate. Linked to this arises the necessity to systematise information about the commercial real estate market.
The principles of the creation for the classification repeat the existing model of Moscow classification, whose authors are representatives of the Moscow Research Forum. In St. Petersburg among the participants of the forum are a troika of leading international consultants: Knight Frank Colliers International and Jones Lang LaSalle– with many years experience in the St. Petersburg and Leningrad region markets.
Oleg Barkov, general manager of Knight Frank, St. Petersburg
The classification, adopted by the Moscow Research Forum, in spite of its obvious success was not adapted to the conditions of the St. Petersburg market, for example in the part on the requirements of location. In it there were rather tough conditions which lowered the class of the object, at the same time, they continued to position themselves in the same classes as before. The absence of single approaches to the classification of properties gave birth to the inaccurate interpretation of facts, figures and tendencies on the real estate market. These reasons even made us undertake the creation of a new methodological base. It will conform to all international standards, founded on high quality and objective information. We see the tasks of our forum as much broader than simply the development of classification. It is the development of a unified approach to the allocation of classes of existing and prospective projects, the joint calculation of past and forecast volumes of demand and supply, the exchange of information about current market trends. The result of such cooperation will be the development of a single language of real estate which will be understandable to everyone.
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