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. Last Updated: 07/27/2016

Standards Sought by Advisers

ST. PETERSBURG -- Three of Russia's largest real estate consultancies announced the creation of the St. Petersburg Research Forum last Tuesday in an attempt to unify standards for real estate assessment in the city.

Consultants at Colliers International, Jones Lang LaSalle and Knight Frank will join forces to develop a classification applicable to the city's commercial real estate as well as help explaining approaches to local market research approved by all major consultancies.

"We hope that these standards will stimulate property owners to develop projects more professionally. That would improve the quality of construction and property development here," said Boris Yushenkov, general director of Colliers International in St. Petersburg.

A unified standard has become necessary because of the number of projects, including warehouses, office centers and shopping centers due for completion in 2007 and 2008, experts said.

At the moment, consultancies use various standards for property assessment. Just as Russian hotels lay claim to certain numbers of stars, property owners manipulate prices and rent rates, benefiting from disputes between consultancies over how a particular business center should be classified.

A similar project was undertaken by the Moscow Research Forum, an association founded last year by Knight Frank, Colliers, Jones Lang LaSalle, Noble Gibbons, and Cushman & Wakefield Stiles & Riabokobylko.