The paper deals with business valuation in unstable conditions of the external environment. Economic recession and the need for digital transformation is coming to the fore in Russia. As a result of this, the valuation of assets and business acquires additional complexity and issues related to effective risk assessment become relevant. The main objective of this paper is to offer non-traditional methods of risk assessment for business valuation at the moment. The qualitative and quantitative risk analysis will help to improve the quality of the assessment reports of the property in an unstable period. The paper focuses on the non-traditional methods of risk assessment (Monte Carlo method, game theory) which must be used in determining the market value of the object of assessment in the current time. A practical example of using the simulation modeling method is given in detail. Summarizing, the use of the simulation modeling method for calculating the market value of the appraisal object will provide additional (compared to the standard method) information and increase the reliability of the results. Moreover, in the period of the coronavirus pandemic, this paper becomes even more relevant and important, seeing as how uncertainty is becoming inherent in countries around the world. Thus, this study is of value to researchers in the field of economic modeling and appraisers across the globe.

The issues of selecting the highest and best use (hereinafter the HBU) of an enterprise's assets have been discussed in many sources. However, at the moment there is no compromise solution which should be covered in the federal evaluation standards. Competently performed analysis aimed at selecting an option of the HBU results in the maximal value of the object and brings the maximal level of profits to the owner of the enterprise's assets thanks to them being utilized in the best way and due to the consequent insurance of production and social needs. This paper focuses on enhancement of the methodological tools when the HBU of an enterprise's assets is selected so as to make the investigations clear and the evaluation precise and correct. The paper looks into the principle of selecting the highest and best use of investment assets and its practical application. Mandatory application of this principle is rationalized in evaluating the assets of an enterprise. The authors of the paper have developed guidelines for application assessment of the basic components of the analysis. The practical efficiency of these methods is assessed. Despite the fact that cash flow discounting methods are laborious, the paper shows that if the options of alternative use of assets are analyzed, the outcomes are applicable in final harmonization of the evaluation results determined by using standard approaches. The paper gives evidence that if the most efficient option is chosen for using the investment assets, the optimal number of floors must be determined for enhancement of legally allowed and physically possible options. Cash flows must be substantiated in detail, as well as their change and return rate. The uncertainty of the initial data must be considered and the relative error in the amount of the expected value must be assessed. When an efficient option is selected in business appraisal, the focus should be given to the capabilities for optimizing cash flows and utilizing non-core property items. The algorithm suggested in the paper implies that the phase is defined for selecting the most efficient option for using the object in the section “value management” without significant business restructurization, which should be considered as a fundamental prerequisite for determining the market value of any object that is being appraised. Increment in the value of an enterprise's assets given the acceptable risks for the investor must be considered as an effect of the analysis conducted for the purpose of selecting the best option for using the enterprise's assets.

In this paper, an algorithm was proposed to define the integral quality coefficient of real estate (on the example of office centers) according to a property tree in the framework of qualimetric modelling. The aim of the paper is an attempt to apply qualimetric methods to evaluate the investment attractiveness of real estate property. When building a qualimetric model, information about the current state of the real estate market was gathered, and a survey of brokers and tenants of office centers was conducted to determine the quality of the selected properties. Scales which were developed to measure simple features of the real estate and evaluate the main price forming factors are presented. The researchers proposed a model that takes into account the most essential characteristics of office real estate to determine rental rates and the rate of return on investment capital.

This paper discusses the concept of the Internet of Things. It analyzes the existing definitions, and introduces a new definition of this concept. In this research study, the experience of the Internet of Things in the world has been analyzed, the possibilities of deflationary development of the economy have been identified with the use of the Internet of Things. The paper presents directions for important qualitative changes in economy and for organizational and technological transformations of production, which may be induced by the development of the Internet of Things. The “smart home” system market has been examined. Its potential has been identified for Russian companies that work in the field of information and telecommunication technology connected with the development of the Internet of Things. To justify the efficiency of money investments into the “smart home” system and services, the algorithm of cost estimation for such systems, which can be used in making a decision about investing, is proposed. The authors conducted the review of the typical projects offered with the “smart home” system. The power law dependence of the unit cost of the system installation from the floor space of the object has been received. The internal rate of return on investment for the introduction of the “smart home” system has been identified at the level of 50%.

The given article considers the causes of the emergence of territories in need of environmental planning and management worldwide. The ways of development of industrial territories in historical areas of cities are presented. It is shown that environmental planning and territory management contribute to the improvement of the quality of life, the development of new kinds of activities, the solution of transport and environmental problems. The experience of Great Britain, Germany, the USA and Russia is analyzed and examples of environmental planning and territorial management projects are presented. The article considers the cases of reorganizing the former industrial buildings and territories and creating residential complexes, shopping centres, museums, exhibition spaces, coworking, sports facilities, recreational spaces and leisure centres in them. Both successful redevelopment projects and those the implementation of which has been discontinued are identified. The release of the city’s territories from industrial facilities is considered to be the most important task of forming the urban environment, since the existing location of industry does not correspond to the tasks of developing urban infrastructure and worsens the ecological condition of the city