Document downloads - Commercial property
Available downloads
-
Inspection valuation checklist
This is a generic checklist that can be used for commercial, office and industrial properties.
The checklist is provided as a sample only. It is the user's responsibility to check and adapt it as necessary to suit the particular instruction and prevailing circumstances. -
Asbestos
Published May 2021
Effective from 1 August 2021
Reissued October 2022
The widespread use of asbestos has implications for property professionals working in all sectors and can impact on all stages of a building’s life cycle.
This professional standard contains a comprehensive overview of the legislation and industry guidance that govern the complex subject of asbestos. It provides guidance on the dangers asbestos poses to health and businesses, and sets out best practice advice to assist property professionals in complying with the regulations and implementing an effective management plan to ensure that they do not put themselves or others at risk.
The standard is not intended to advise members specially in the undertaking of asbestos surveys. Guidance on such surveys is set out in the HSE publication HSG264 Asbestos: The survey guide.
This document was reissued in October 2022 as a professional standard. It had previously been published in May 2021 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
Code of measuring practice
Published: September 2007
Reinstated: 23 January 2018
Effective from: 23 January 2018
Code of measuring practice, 6th edition was reinstated on 23 January 2018 after publication of RICS property measurement, 2nd edition.
The 6th edition of the code became effective globally from 18 May 2015 when it was incorporated into the first professional statement, that for offices. -
Sustainability and ESG in commercial property valuation and strategic advice
Published December 2021
Effective from 31 January 2022
Reissued October 2022
This global professional standard provides a practical framework for delivering on sustainability and ESG investigation, and reporting requirements in professional valuation advice.
Please note, this was reissued in October 2022 as a professional standard. It was previously published as a guidance note. The regulatory requirements remain the same.
Practical and globally relevant principles for the delivery of the sustainability and ESG requirements in the Red Book Global Standards.
- Good practice advice supporting everyday commercial valuation practice and its interface with ESG and sustainability.
- Alignment of ESG and sustainability considerations with the core mechanics of valuation (purpose, basis, approach).
- A glossary of globally relevant sustainability and ESG terms and an appendix referencing world-leading rating, benchmarking and performance frameworks and tools.
The updated guidance is part of a suite of professional standards for sustainable practices across the built and natural environment. For example, ICMS 3, for the comparison of cost and carbon in construction. And the Responsible Business Framework, which enables clients to build and communicate a responsible business strategy mitigating negative environmental and social impact.
It is an update to the guidance issued in 2013 and is intended for valuing commercial property. It will be reviewed and updated periodically – reflecting pending developments in International Valuation Standards and the wider investment and regulatory framework globally. -
Insurance for commercial property managers (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note was designed to outline best practice for property professionals dealing with insurances for commercial property owners.
Since this guidance was published, the former FSA has become two separate regulatory authorities, the FCA and the PRA. -
Valuation of data centres
Published May 2011
Data centres were established in the 1990s in response to the rapidly growing demand for off-site data storage from commercial organisations and governments. More recently, developments in technology and innovations in the use of computers - for example, the introduction of social networking sites and the growth of video-on-demand (VOD) TV - have led to a expansion of data storage requirements. In a relatively short time period, data centres have become an essential element in the functioning of the modern world economy.
Occupiers' requirements in terms of power supply, security and data accessibility have meant that buildings used for the purpose of housing data centres have become highly specialised in terms of their location, construction, security and service requirements. The way in which these buildings generate income also differs from conventional commercial property. They have therefore become recognised as a distinct type of property in their own right, subject to a specific valuation approach.
Though vitally important in modern developed economies, the number of buildings used as data centres is relatively small. Transactional evidence can therefore be limited and this, coupled with the wide variation in facilities offered by individual units, means that valuation using conventionally gathered comparable evidence is often impossible. -
Model valuation instruction letter for secured lending or disposal of commercial property
The model letter provides a framework within which to tailor an appropriate instruction letter. This letter should be amended as appropriate, for example, where the instruction relates to multiple properties.
This document template is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
The strategic role of property assets within property portfolios of SMEs (RICS)
Published October 2011
SMEs are regarded as the engine of many economies but are generally constrained by the scarcity of resources. Thus, it is generally known that entrepreneurs operating SMEs often rely on personal resources to support their business operations. In this setting, property (i.e. bricks and mortar) remains a valuable currency that could potentially assist SMEs in ensuring the growth, development and in extreme cases, the survival of their business. -
Analysis of commercial lease transactions, Hong Kong (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The analysis of comparable transactions and the effect of the value of incentives is only one part of the process of considering the value of a specific property. There is no single correct approach to analysis and no 'right' answer. Methods may vary depending on the circumstances of individual cases and market practices in different areas and sectors. Changing markets can mean that an approach adopted previously may no longer be appropriate. This is particularly so in Hong Kong, which also has its own distinctive characteristics of deal structure and length of leases, which necessitates unique guidance in the form of these notes. -
Valuation of shopping centres, Italy
Published December 2015
Effective from December 2015
The purpose of this guidance note, issued by the RICS Italy Shopping Centre Valuation Working Group, is to assist retail real estate firms and professionals when undertaking shopping centre appraisals and investment assessments and to recommend best practice and actions aimed at standardising the specialised valuation of shopping centres.
Valutazione di centri commerciali – Linea guida RICS, 1a edizione:
Esperti professionisti RICS hanno redatto la Linea Guida con l’obiettivo di offrire assistenza ad aziende e professionisti del settore che si apprestano a valutare un centro commerciale e il relativo investimento, illustrando best practice e procedure raccomandate per standardizzare la valutazione specialistica di simili immobili. -
Flood risk mitigation and commercial property advice: an international comparison (RICS)
Published March 2017
Commentators have increasingly raised concern over the impact of flood risk on commercial property insurability, maintenance and recovery, property utility and, ultimately, property value. -
RICS Valuation – Global Standards 2017 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The RICS Valuation – Global Standards 2017 took effect from 1 July 2017, the same date as the IVS 2017.
The accompanying Basis for Conclusions explains the rationale behind the more significant changes made in the final version of the Red Book 2017. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
Following the publication of the new edition of IVS, an updated Red Book takes effect from 31 January 2020 in line with the IVS. -
The use and value of commercial property data
Published April 2019
Reissued September 2024
This practice information discusses the benefits of and challenges to an increasing use of data in the commercial property market. The paper deals with the ownership of data, its security and regulation.
Data concerns almost every aspect of the built environment: from how we use and interact with properties as individuals and businesses, through to how a building's energy consumption and construction details are being recorded and analysed to help surveyors, asset managers, building managers, developers and investors make informed decisions about real estate processes.
The industry appears to be at a tipping point, with surveyors and other property professionals having to use skills beyond the traditional surveying competencies. Data analysis is one such area that is growing in importance. It is no longer enough simply to possess data; the value lies in being able to use it.
This paper aims to discuss the benefits of and challenges to an increasing use of data in the commercial property market. It considers not only its availability and quality but also the skills needed by surveyors to recognise its uses and maximise the value in analysing it. The paper deals with the ownership of data, its security and regulation and also makes predictions and recommendations for the future of a property world full of accurate, easily available data.
This document was reissued in September 2024 as practice information. It had previously been published in April 2019 as an insight paper. No material changes have been made to the document. -
Existing use value (EUV) valuations for UK public sector financial statements
Published July 2023
Effective from October 2023
This professional standard provides practical advice, guidance, consistency and clarity to RICS members in the UK on the interpretation and application of existing use value (EUV) valuations of owner-occupied operational properties in public sector valuations when used for financial reporting purposes. EUV is the prescribed valuation basis as defined in UK VPGA 6 of the RICS Valuation – Global Standards: UK national supplement.
The content is intended to assist members by explaining and reaffirming the principles of EUV when used in the public sector financial reporting context and to enable a more consistent approach.
While the geographic scope of this standard is the UK, many of the principles are globally applicable and may support RICS members outside the UK.
Please note: The cross references in this standard relate to the updated Red Book UK national supplement, which is due to publish later in 2023.