Strategic public sector property asset management
Published 6 September 2021
Effective from 6 September 2021
Reissued October 2022
The way 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 critical in this change. While cost is still crucial, it is no longer the only strategic consideration in building operations: cost and experience must be aligned. Value is the objective and data is key.
This RICS document is intended for those engaged in strategic property asset management in the public sector around the world. It considers the changing nature of the role that real estate plays as well as the expectations about it, and it indicates how an organisation should use data to support organisational objectives and inform the strategic asset management.
There will be no going back to historic practices 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 provides. This RICS document will support our work in doing so.
This document was reissued in October 2022 as practice information. The regulatory requirements remain the same and no material changes have been made to the document.