Valuation Information Paper -- Sustainability and Commercial Property Valuation HONG KONG, Sept. 10 /PRNewswire-Asia/ -- As an important step towards embedding sustainability as a core consideration in the valuation process, RICS is issuing an Information Paper on Sustainability and Commercial Property Valuation. Effective from Tuesday 15th September 2009 the paper aims to heighten awareness and therefore valuers' working knowledge of sustainability in order to further advance awareness of its potential to impact on the valuation process. The paper outlines ways in which sustainability can be defined; how a building's green credentials may be assessed and how such characteristics might be reflected within a valuation - whether that be quantitatively or qualitatively. Sustainable characteristics which are highlighted in the paper include the build quality and life cycle, the type of building materials used, the health and human performance of a building, building services such as air- conditioning, energy efficiency, waste management as well as location and accessibility considerations and the impact of regulation, tax and financial incentives. In terms of reflecting these aspects of a property in the valuation the paper encourages valuers to analyse comparable rental evidence in the light of sustainability. Issues identified for particular consideration include, requiring the valuer to reflect upon the potential impact of sustainability on rental growth prospects, how sustainability factors will accelerate or temper obsolescence rates, and the risks of weak credentials on tenant retention rates and the speed of re-letting. About RICS & RICS Asia RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 140,000 members globally and represents, regulates and promotes the work of property professionals throughout 122 countries.
