16 August, 2022
Association for the Sustainable Development of the Commercial Real Estate Market established in Russia

Association for the Sustainable Development of the Commercial Real Estate Market is being created in Russia, bringing together developers and proprietors concerned with the development and large-scale implementation of environmental efficiency standards, a comfortable, healthy and safe environment in office, warehouse, retail and other types of commercial real estate spaces. The announcement was made during the “Real Estate Market Barometers. Green construction standards in construction: What’s next?” event organized by the CRE magazine.

The Association’s founders will be O1 Properties and STONE HEDGE, two of the leaders in the sustainable development agenda in commercial real estate that systematically implement “green” standards in their portfolio development and management. At the moment, formal Association establishment procedures are underway, and following their completion, the association will be able to welcome developers, owners, consultants, management companies and other professional market participants as its members.

The Association will become an element of the “green” certification infrastructure being created in Russia. Specifically, it will be continuously involved in elaborating the Russian environmental efficiency standard, which was already presented by VEB.RF, the National PPP Center, leading expert companies, such as HPBS, EcoStandard group, EXPERT Interregional Center, ESG expert Anna Minakova with the support of OOO ProGorod, and the developer community, including Millhouse, O1 Properties and MR Group. The launch of the system was announced in July, and the first version of the new construction standard has already been published and is available for public comment. The launch of the version of the standard for facilities already in operation is scheduled for this fall. The participation of the development community in this work ensures a balance of interests within the system, and also helps to guarantee that the standard addresses market realities to the fullest extent

Elena Belevtseva, Marketing Director of O1 Properties: “The establishment of the Association was an extension of our discussion with the professional community, a discussion of our common vision of a Russian system of building assessment in terms of environmental performance and quality of space. We saw a market interest not merely in the creation of a “green” certification standard, but in a solution that will become a roadmap for market participants interested in implementing such technologies in their facilities. The establishment of the Association will help to structure this discussion within the community, to promote the development, approval and widespread implementation of green standards in our market. To date, this initiative has already been supported by a significant number of developers, who manage over 7 million square meters of commercial real estate”.

“In the current situation, which enables qualitative structural changes in the construction industry, the establishment of the Association will be an important step towards creating a single sustainable development vector for commercial real estate developers. This will allow us to advance towards the creation of in-demand projects for resident companies focused on conscious consumption”, said Victoria Vasilyeva, STONE HEDGE Deputy CEO for Product and Investments.