14 Dec 2017
Our professional statement ‘Whole life carbon assessment for the built environment’ is one example of our approach to promoting a whole lifecycle view of real estate. The launch of the standard follows our presence at this year´s 23rd Conference of the Parties (COP23) in Bonn, Germany, where we advanced on the commitments made at COP21 Paris to help limit global warming.
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With buildings and construction representing more than a third of global energy consumption, our profession has a crucial role to play in ensuring that sustainable construction practices and whole lifecycle approaches become ‘business as usual’.
A collaborative approach
As we continue to be recognised as a standard-setting authority on valuing, measuring and managing real estate, and doing so ethically, across the industry, we are also recognising the role that other professionals perform to effect a successful real estate market.
Lawyers, accountants, lenders and investors, and operational and public sector participants provide advice or make decisions that impact on real estate and its value from planning and acquisition to construction and occupation. RICS-qualified professionals will interact with them all.
Lloyds Bank approached RICS in November 2015 to seek recognition of their commercial banking team’s real estate knowledge. They have a comprehensive in-house training programme on real estate development and investment, following which staff are required to complete 40 hours of CPD annually, but unlike in other sectors, such as law and agriculture, they had not yet established recognition from a third-party authority. Lloyds Bank identified RICS as that authority for real estate.
We are committed to support the real estate sector as it works to address the shortfall in the supply of homes and many other important issues. By working with RICS to invest in upskilling our specialist teams across the country, we will be able to provide more informed support to our clients in the sector.
A responsible and sustainable market
This provided a great opportunity to advocate practices that the sector had already identified as being necessary to establish a responsible and sustainable market, namely a whole lifecycle view for real estate.
The concept of a real estate lifecycle is not new. It has been happening for generations: land is acquired, a development is planned, a building is constructed, and occupiers use the building.
The building is then refurbished, repurposed or demolished. However, the lifecycle involves a variety of stakeholders who may have interests in only one stage. This one-stage approach can create issues that impact the long-term value of real estate to the economy, society and the environment.
Promoting a whole lifecycle view was a conclusion of two global research reports by RICS:
We expect greater attention to be paid to the whole lifecycle of the built environment in decision-making, new regulations, technological advances, and investor and client demand.
[We need]…to overcome current silo-thinking amongst sector participants, its users and suppliers by promoting a holistic, whole lifecycle approach and circular economy thinking.
Stay ahead of the game
Developing and evolving the relationship between all these stakeholders across the real estate lifecycle is now integral to generating confidence in the market. Training and assessment provided by RICS is the start of more informed conversations.
Developed with support from Lloyds Bank as a pilot group, the RICS Real Estate Lifecycle Certification augments the bank’s existing training, ensuring individuals understand all stages of the real estate lifecycle and the role that RICS, our standards and professionals, perform throughout it.
Following a successful pilot the training and assessment is currently being delivered to 120 locally-based relationship managers at Lloyds Banking Group and is now available to the wider market.
The RICS Real Estate Lifecycle Certification provides new opportunities to advocate sustainable practices across the industry and to gain adoption and recognition of RICS standards and RICS-qualified professionals.
Find out more about this training and assessment programme
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