Speaking in these days about investing in general, and investing in the commercial real estate in particular, it is impossible to go round attention crisis situation, folded in a world economy. This crisis struck on the investment projects of citizens and companies stronger than on all. In these days many investors have to answer to themselves on such question as: “What kind of the probability to succeed in protecting the investments in the commercial real estate is there and whether is there a necessity to give them up?” Thus instability has captured all niches of building business. First of all, the excitement in bank sector has considerably complicated process of financing of building projects. It concerns not only deliveries of loans and credits about which termination of delivery speak even more often. Besides it under doubt there were bank guarantees and warranties. And under doubt appeared not only the documents which have been already given out to participants of the building market, but institute of the guarantee, as a way of maintenance of the obligation, based on trust. In real sector of economy financial crisis has covered not only a regularity of deliveries that is quite expected and usually. The panic of the first days of crisis has poured out in mass staff reductions and dismissals of employees. As a result, the companies had to incur unjustified expenses under the labour legislation on payments of severance pays. These days, many investors have to wonder if there is a probability of successfully protecting investments in commercial real estate. Besides, in a construction sector danger of interference of the state has amplified. Already for a long time there is a speech about strengthening of the state items in building business. The modern market situation with destabilization of relations of the basic participants, with preservation of heavy prices in the housing accommodation market at population erosion of purchasing power, can allow creating the authorities an occasion the state development corporation not conceding on the sizes and a role to Gazprom. In that case private campaigns should concede items at the conclusion of the state investment contracts, at reception of the land lots under building, at struggle for the market of services of operating campaigns. As methods of protection against negative consequences of crisis, as a rule, all use the whole system of measures which can be applied and market participants of the commercial real estate. Among the basic measures it is possible to allocate: 1. Reduction of costs and optimization of processes, including transfer on outsourcing of expensive processes. 2. Strengthening of coherence of participants of the market through horizontal and vertical integration, introduction of new forms of calculations with counterparts (bills, barter). In practice these measures are formed in two tendencies. First of all, the block of contracts for construction work on fulfillment of works which the participant of the market not in a condition to carry out, or their realization by own strength too expensive, is formed. In general and during pre-crisis "peace" time, there was such tendency, and now the parties of such contracts should check up reliability each other. If doubts in it are not present, minimization of expenses through attraction of experts can justify itself. One more method to involve experts and to reduce risks is to take advantage of services of leasing companies. Besides we should mention possibility of use of leasing-giver’s investment experience, as positive line of such method it is possible to name fiscal incentives to represented participants of leasing relations.And first of all it is an abnormal depreciation of a subject of the leasing, allowing amortizing a building for 10 years. But not everybody will decide on attraction to business of extraneous experts. Similar communications became too vulnerable these days and requests to stability of relations were considerably increased. Therefore, even at the expense of increase in costs, the companies aspire to harden as much as possible both vertical and horizontal ties. The uniform management should be carried out at each stage of investment and building in the commercial real estate in an ideal. Process of mutual integration probably even will be strengthened by a crisis situation. The tendency to allocation of special divisions as a part of the company, and integration of specialized market participants into company structure will not cease. But not to all campaigns its realization will appear on forces. As a rule, such procedures occur in the form of absorption or merge, but to such actions small participants can not appear neither forces, nor desire. In that case it is possible to pay attention a legal institution of the agreement for joint cooperation allowing coordinated enough to lead long activity and not to carry out procedure of reorganization of the legal person. This scheme allows the parties to save a lot of time and the forces usually expended on reorganization of the legal person, including financial verification. The promptness of the agreement of a society in participation acts as an advantage. But at the conclusion of this agreement, the parties should have in view of rather extensive responsibility of companions not only by agreement, but also by all results of entrepreneurial business of a companion. Speaking about the indicated measures and tendencies, it is not necessary to forget that feature of a property market in a crisis situation is its high level of stability and limitation of maneuver by means. On the one hand it limits ability of the participant to restructure profitable and items of expenditure, having minimized damage from crisis. On the other hand objects of the real estate as objects of trade are not inclined to depreciation as a result of economic circumstances change. Therefore the means invested in the real estate, can be simply enough returned after economic circumstances improvement, practically without having lost the value.
