In May 2024, the Moscow office market received an updated classification developed by leading consulting companies participating in the Moscow Research Forum. MRF intends to present a similar classification for the office segment of the Northern Capital next year
In 2025, the St. Petersburg real estate market players will be presented with an updated classification of the city’s office real estate. The largest real estate consulting companies, members of the Moscow Research Forum (MRF — NF Group, IBC Real Estate, Nikoliers, Commonwealth Partnership (CMWP) and CORE.XP), as well as St. Petersburg developers and owners of office buildings, participate in the development.
“The last classification update in the Northern Capital was carried out back in 2018. When reviewing the methodology, the requirements for compliance with certain criteria may change in accordance with market changes. Consultations with the relevant expert community of the St. Petersburg office segment: consulting, financial, development, audit and management companies are planned to be included in the classification of objective and relevant parameters,” the MRF* explains. The working group will develop a questionnaire that can be filled out by interested market participants dealing with office real estate: the authors of the project promise that all proposals will be taken into account when making changes to the classification.
It will be based on a variety of parameters: here are the design features of the object, and the parameters of engineering systems, and location, and the quality of management and maintenance of the building. The cumulative assessment will allow you to assign objects to the appropriate class. If the St. Petersburg classification repeats the Moscow one, then there will be not the usual three classes, but four: Prime, A, B+ and B-.
It is worth recalling that the updated classification of office real estate in Moscow was presented by the MRF participants in May this year.
Among its most important provisions: some of the bars in the new classification version are slightly lowered, some, on the contrary, are raised in accordance with modern market realities. The highest requirements are imposed on objects of the new Prime class (in particular, they can be located only in three locations — in the area of the Third Transport Ring, in the Moscow City Shopping Mall and in the Leningrad Business Corridor, and among the mandatory conditions – the ownership of the object to one owner, certification according to standards for assessing the environmental efficiency of buildings and more strict compliance with various technical parameters). All buildings that do not meet the criteria specified for the four classes are automatically considered Class C buildings.
“According to the authors, classification-2024 gives market participants new guidelines, thanks to which they will be able to improve the quality of their offer, thus increasing the comfort and safety of office buildings. As Denis Trotsenko, partner and CEO of CMWP Management Company, noted in his telegram channel, the new classification is “not a bold dot, but a good comma with a separate class. This unifies the cost and revenue benchmark well,” he wrote BFM.ru three and a half months ago.
At the moment, as told in an interview with BFM.ru Director of the CORE.XP Market Research Department (MRF member company) Vasily Grigoriev, the classification is actively used by market participants. “A number of facilities have passed the reclassification process, and other business centers are in line. The classification is used in consulting projects for the development of concepts for new office buildings, as well as by developers launching their first projects in this segment of real estate, in particular by some players from the residential real estate market. We see no reason to make adjustments to the current edition: practical application confirms its operability,” the expert believes.
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According to the data shared with the portal by the partner of the NF Group (MRF member company) Olga Shirokova, at the moment, only seven metropolitan office centers have entered the new Prime class: “White Square”, “White Gardens”, “Tower on the embankment”, “Romanov Dvor” (pp. 1, 2), Four Winds, AFI2B and “Stone Kurskaya” (completion of construction of this facility is announced on 2024). “We do not exclude that the list of Prime objects can be supplemented by both constructed and under construction buildings. The process of reclassification in class A, B+/B- is still ongoing, but we do not expect that a significant proportion of objects will move from class A to class B+ and B-: the classification requirements of 2024 were rather clarified and made measurable than greatly tightened compared to the previous version of 2013,” emphasizes Olga Shirokova.
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