Real estate and development are crucial driving factors in any economy. The next ten years will see the sector consolidate itself as one of Russia’s growth leaders, since the country is in dire need of rectifying ongoing problems associated with obsolete infrastructure, outdated real estate concepts, and a grave deficit of modern quality housing and commercial property.
During recent years, real estate has become increasingly prominent in the Russian Federation. Development activity was running at close to full capacity just a matter of months ago. Some regions were seeing a high number of new building inaugurations; many developers launched super ambitious projects, including Grand Sochi-2014 and integrated development sites; and both Russian and international funds closed deal after deal. However, as the 2008 crisis unraveled, many of the market players found themselves on the verge of bankruptcy, largely as a result of massive over-leveraging.
The current crisis gives the sector a chance to reorganize itself and work out a new development model that will be based on a more sustainable model ensuring maximum efficiency, transparency and innovation. We expect that the map of Russian real estate market will be reconfigured, with the remaining players consolidating and the state taking a stronger role.
Given the acute deficit of qualified personnel in the country’s real estate and development job market, Pynes & Moerner can assist growing companies to maintain their rates and gain an edge over the competition through identifying and hiring the best professionals available. We are proud to have served our clients in acquiring top talent that has helped them complete major real estate projects and participate in successful IPOs.
Pynes & Moerner has both Russian and international clients, including conglomerates, developers and global consultancies, top investment banks and funds, as well as family offices that tend to invest in real estate. Our consultants have placed key managers for businesses in all segments of residential and commercial real estate (housing, offices, trade centers, hotels, industrial objects). Pynes & Moerner real estate practice has also amassed considerable cross-functional expertise (capital markets and investments, strategy, etc). The bulk of the successful placements entailed international searches.
