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13 2005 Making Sense of Real Estate Worldwide ィコィヲ0505ィ ィケ ィヲ03ィ ィヲィコ ィコ01040102 04000505ィ 05ィ 02ィヲ05ィェィ 2005 RUSSIA 2005 REAL ESTATE REVIEW

13Colliers International 2005 ィコィヲ0505ィ ィケ ィヲ03ィ ィヲィコ ィコ01040102 04000505ィ 05ィ 02ィヲ05ィェィ 2005 0307020000 0807 apple07 00040ク9 09000207apple036ヲ00キ3090ク9 07 00010702020900apple09 ィ 000300apple000004000203 050ク8 006ヲ006 000300 006ヲ0 066ヲ006036ヲ003: www.colliers.com RUSSIA 2005 REAL ESTATE REVIEW For more information about Colliers International, visit our web sites at www.colliers.com

132005 ィコィヲ0505ィ ィケ ィヲ03ィ ィヲィコ ィコ01040102 04000505ィ 05ィ 02ィヲ05ィェィ ィコィャ05050102ィケ 0500ィコ05ィ ィケ 05ィヲ0500ィコ050204ィ 00 ィコ07060609fl. ィエ0107000703090ケ00006010906 07 0907apple....... 4 020706016 56ヲ0 ィ 006 5000603090キ30909....................... 6 ィヲ020906006ヲ0fl 0000 6 50908090307060300............. 7 0501026ヲ0 06016ヲ0fl 0000 6 50908090307060300.......... 13 ィェ07apple6 7076 56ヲ0fl 0000 6 50908090307060300........... 15 056ヲ0000103-ィィ000300apple 04apple6 7 ィ 006 5000603090キ30909...................... 21 ィヲ020906006ヲ0fl 0000 6 50908090307060300............ 23 0501026ヲ0 06016ヲ0fl 0000 6 50908090307060300.......... 27 ィェ07apple6 7076 56ヲ0fl 0000 6 50908090307060300........... 29 0509026ヲ0fl 0000 6 50908090307060300............. 32

1305 fl006 56ヲ0apple00 2005 6 7. 010703086ヲ0000909 Colliers International 0ク8026ヲ0 08apple09060408 00006ヲ0 08apple000309fl 0000040ケ0040000 010700066ヲ0020309006 7076 50700 026 700000306036 507 0707 6ヲ003 6 5 apple6ヲ003016ヲ003 6 5apple040ケ0000009fl 08apple00030906 6 5 07 026ヲ0060309 0107030300apple0ケ00006010706 0000 6 50908090307060309 Central & Eastern European Real Estate Quality Awards

13ィコ07060609fl ィエ0107000703090ケ00006010906 07 0907apple ィィ 0702090309016ヲ0 ィィapple6ヲ06 5090300020006036 56ヲ0 ィコ070606090606010706 0600 00apple6ヲ00キ30909, 006ヲ008apple6ヲ06 5020000006ヲ0fl 006ヲ0 0401apple00080200000900 036ヲ001apple07-0ケ10107000703090ケ00006010706 06036ヲ0 0902000007060309, 6ヲ0 036ヲ0010800 0807060300080000000ク806 08apple076 7apple000606 6 5 08apple076 500 00000909 0603apple04010304apple000ク803 apple000207apple03 07 040602076 5090209 060703apple6ヲ00000000900 6 50ク80607010903 03000308076 5 0ケ10107000703090ケ0000601076 707 apple0706036ヲ0. ィ 07020703076 56ヲ0020ク903000ク800 apple000900apple6 50ク8 ィコ0706060909 096ヲ0 2004 6 7. 070603096 70209 070ケ000apple00 00076 707 apple000107apple 6ヲ0 09 6 50709apple07060209 006ヲ0 61,9 % ィC 06 $76,9 0302apple (006ヲ0 1 fl006 56ヲ0applefl 2004 6 7.) 07 $124,5 0302apple 1 006ヲ0 (1 fl006 56ヲ0applefl 2005 6 7.). 05 2004 6 7. apple006ヲ00200000ク806 03000308 apple0706036ヲ0 0505ィィ 060706036ヲ06 50902 6,9% 2, 0ケ00307 0ク80207 07 040602076 502000007 026ヲ06 707-08apple09fl03000706 6 500000400000ケ10107000703090ケ00006010706 010700ィB0ク900010304apple0706 (6 5 03. 0ケ0. 6 50ク8060701090309 0キ300006ヲ00309 006ヲ0 0000020300), 6ヲ0 036ヲ0010800 apple6ヲ0060409apple0000090003 6 5000403apple000000006 707 0608apple07066ヲ0. ィィapple07 0702086ヲ00ク90ク7090606fl 0ケ10107000703090ケ00006010906 apple070603 09 08070603000800000007 060009086ヲ00ク90ク7090606fl 04apple076 5000000 09000202fl0キ30909, 060706036ヲ06 5096 5040906 6 5 2004 6 7. 11,7% 3, 0608070607 06036 5076 56ヲ00209 046 50002090ケ00000090ク9 apple006ヲ00200000ク803 apple6ヲ0060807026ヲ06 76ヲ000-030ク803 00000008000ク803 070307 076 5 006ヲ0060002000009fl. 05 fl006 56ヲ0apple00 ィC 00016ヲ0 apple00 2004 6 7. 0807 06apple6ヲ06 5000000090ク9 06 060707036 5000306036 5040ク90ク70903 0800apple0907 0703 2003 6 7. 070009 6 50ク8apple07060209 006ヲ0 9% 4, 0ケ00307 fl6 50902070600 070600076 5000706 08apple090ケ009000706 apple0706036ヲ0 080703apple00 090300020006010903 apple6ヲ0060307-076 5 09 07 07apple07036ヲ0 apple070900090ケ0000706 0307apple6 7076 50209 006ヲ0 11,8% 5. 05 040602076 509fl03 026ヲ06 70708apple09fl03000706 6 500000400000ケ10107000703090ケ00006010706 010700ィB0ク900010304apple0ク8, apple0706036ヲ0 6 5000403apple000000006 707 0608apple07066ヲ0 6 5 2004 6 7. 060703apple6ヲ00009026ヲ00600 6ヲ00103096 5006ヲ0fl 09006 5000603090キ3090700006ヲ0fl 00fl030002000007060300 apple070606090606010903 08apple00 08apple09fl030906 09 07apple6 76ヲ00009096ヲ00キ30906 ィC 07 ィB0003 6 502070800000906 6 5 070600076 5000706 016ヲ00809036ヲ002 6 50709apple0706 006ヲ0 10,8% 6. 05036ヲ0 090200006ヲ0fl 036ヲ001apple070ケ10107000703090ケ00006016ヲ0fl 060903046ヲ00キ309fl 006ヲ0 08apple07-03fl0800000909 0807060200 000903 020003 09 08apple07 0702086ヲ00ク90ク7090606fl apple070603 060709 6ヲ00ク903 040602076 509fl 02fl 08apple090307016ヲ0 0900070603apple6ヲ000000ク803 09006 500060309-0キ30906. ィヲ ィB0003 0900070603apple6ヲ000000ク803 09006 5000603090キ30906, 080706030408096 5040903 6 5 00000209006ヲ00006076 50ク806 0600010307apple 0ケ10107000703090109 6 5 fl006 56ヲ0apple00 ィC 06000003fl apple00 2004 6 7. 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