CB Richard Ellis Noble Gibbons, Colliers International, Cushman & Wakefield Stiles & Riabokobylko and Jones Lang LaSalle have prepared a new classification of office buildings, dividing modern quality office stock into 3 classes: A, B+ and B-. The new classification aims to divide the office stock into three classes according to a number of objective criteria. The classification was developed with the participation of professionals from the Construction, Property Management and Office Service industries.
The principal difference of the new classification from the previous one is the division of stock into À, Â+ and Â- classes. The major difference is also in giving a more structured criteria for modern office building classification.
Moscow's real estate market grows rapidly, and is constantly increasing its standards. As the quality of office buildings grows, tenants become more demanding. Over time the old classification has become redundant and does not now meet the requirement of the market, it also had a tendency to allow more subjective estimates of building to be produced.
Moscow Research Forum members believe that the necessity of more detailed office classification has emerged from the market. A more strict division of office buildings will help this comparatively young market to develop according to international trends. With the help of a new classification tenants will be able to estimate the office market more professionally.
The active development of Moscow's real estate market allowed the participants of the Moscow Research Forum to review the office classification, created three and a half years ago in spring 2003. Further market development will continue to change market standards which will lead to another classification review in the future.
Source: Moscow Research Forum