Please note, this was reissued in October 2022 as a Professional Standard. It was previously published in September 2021 as a Guidance Note. The regulatory requirements remain the same and no material changes have been made to the document. For further information on the document category changes, see the text part way down on this page Upholding Professional Standards.
Perceptions of how we view buildings has changed. The social context of real estate has changed. The challenges facing those working in the built environment have never been greater and the public sector estate is a critical driver of this change. Whilst cost is still crucial it is no longer the only strategic driver of building operations. Cost and experience must be aligned. Value is the objective and data is the key.
This RICS document is aimed at those engaged in strategic property asset management activities in the public sector, globally. It considers the changing nature of the role and expectation real estate plays, and indicates how an organisation should use data to support organisational objectives and inform the strategic management of assets.
There will be no going back to the ‘old’ normal for public sector real estate. It will be up to our profession to shape its recovery, effect positive change, keep it relevant and demonstrate the value it delivers. This RICS document will support and aid this.