Document downloads - Trade-related, specialist and leisure property
Available downloads
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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. -
Capital and rental valuation of fuel stations (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Fuel stations are among those types of property generally referred to as 'trade-related property'. They are normally bought and sold having regard to their trading potential. Guidance on the valuation of individual trade related properties in the RICS Red Book considers the criteria to be adopted by valuers when assessing the value of an individual trade-related property.
It relates to a wide range of trade-related property, including fuel stations. The terms defined in that guidance are used in this information paper, which deals with its application to the valuation of fuel stations, including those that are allied to convenience stores or are part of more complex properties such as motorway service areas, where it is assumed that trading will continue. It has been written specifically with regard to the law and practice in England, Wales and Scotland. -
Form and structure of mineral option and lease (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note is now out of date and held on isurv for information purposes only. It was aimed at professionals in the field of negotiations for rights to minerals and also touches on leases of void space. It is generally biased to those working for the landowner, however, it can also inform the tenant and its professional advisers. The guidance note serves to remind us of what the basic building blocks of a mineral lease comprise. It also reminds us that there is no such thing as a standard mineral lease. Hence each case should be considered on its individual merits. -
Sustainability and ESG in commercial property valuation and strategic advice
Published December 2021
Effective from 31 January 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. -
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. -
Valuation of independent healthcare properties in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Originally published as Valuation Information Paper 11, the second edition information paper is concerned with the valuation of independent healthcare properties comprising nursing and residential care homes in the UK. -
Valuation of intellectual property rights
Published March 2020
Effective from 1 June 2020
Reissued May 2023
This professional standard discusses the valuation of intellectual property (IP), a subset of intangible assets. Its purpose is to expand on the International Valuation Standards (IVS) and RICS Valuation – Global Standards (Red Book Global Standards) in order to clarify the legal, functional and economic characteristics of IP that should be considered and reported on in an IP valuation.
IP is a legal concept that refers to creations of the mind that are derived from intellectual or creative effort and for which exclusive rights are recognised at law. These rights enable the owner to prohibit others from using their property without permission.
IP can be categorised as registered or unregistered, and includes:
- trademarks
- patents
- copyright
- design rights
- plant breeders’ rights and
- trade secrets, which in this document mean confidential information that has commercial value.
This professional standard describes how the legal, functional and economic characteristics of IP influence the definition of the IP that is the subject of the valuation (subject asset), the extent of investigation, the choice of valuation methodology and the valuation analysis.
The 2nd edition of this professional standard is effective from 1 June 2020.
This document was reissued in May 2023 as a professional standard. It had previously been published in March 2020 as a guidance note. No material changes have been made to the document. -
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. -
RICS Valuation – Global Standards
Published 30 November 2021
Effective from 31 January 2022
The new edition of Red Book Global Standards (RICS Valuation – Global Standards) takes effect on 31 January 2022, the same date as the new edition of the International Valuation Standards (IVS).
The accompanying Basis for conclusions explains the rationale behind the more significant changes made in the new edition of Red Book Global Standards. 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.
The main reason for issuing the update to Red Book Global Standards is to take account of the changes to the IVS, which Red Book Global Standards adopts and applies.