Kyle Redfearn, who came on board in February, is the group'smanaging director. The Dallas-based executive has built a team withprior financial and tax reporting experience from CBRE's pool ofmore than 400 appraisers in the US.

Redfearn says the new practice will focus on CBRE's clients andthird parties in the US. The service is a tool for assessingvaluation, specifically assigning depreciation to the variouscomponents for tangible real estate and intangible areas likein-place leases.

With reporting standard changes internationally anddomestically, Redfearn tells GlobeSt.com that "the work isdefinitely accelerating." He expects FASB 157, which goes intoeffect in the fall, will generate additional work for the team."Basically, it's a new standard that provides a consistentdefinition of fair value. It puts a value on properties based onthe exit price versus what was paid," he explains. When theregulation takes hold, closing costs will no longer be able to beadded to acquisition costs for reporting plus highest and best usewill be valuation determinants, according to Redfearn.