10 September 2009
Rics to encourage sustainability in commercial property valuations
The Royal Institution of Chartered Surveyors (Rics) is emphasising the importance of sustainability in the valuation of commercial properties.
Next week, the organisation is to issue an information paper in the hope it will heighten awareness and increase valuers' working knowledge of the issue.
The paper contains information on ways in which sustainability can be defined, how buildings' environmental credentials can be assessed and how such things can be incorporated into the valuation process.
Rics spokesperson Philip Parnell said: "Markets appear to be moving towards a requirement for greater recognition of sustainability issues, with the evidence suggesting that buildings that fall short of the prevailing market expectations will be increasingly at risk of accelerated obsolescence."
He added that it is therefore becoming more important for valuers to be conversant with the issue and able to offer advice on it.
Founded in 1868, Rics has around 100,000 qualified members and more than 50,000 students and trainees in 140 countries worldwide.