Commercial Hot Topics

Question 1

Overview of current market trends

Answer 1

• The increase of hybrid style working continues to impact demand for commercial space and has changed what occupiers look in space i.e more well-being facilities to get staff back
• EPC- RICS Modus report shows 70% of commercial space in London falls below a B- with a high cost to rectify this

Question 2

What is the bank of england base rate as at sept 24?

Answer 2

Remained at 5% - potential reduction by 0.25% in November anticipated

Question 3

what is the current rate of inflation ?

Answer 3

2.2% in aug 24 (the rate of inflation is the change in prices for goods and services over time) - Bank of eng target is 2%

Question 4

When is the autumn budget? and what are potential areas affected?

Answer 4

30th oct 2024 - business rates/ council tax may feature

Question 5

Why is there an ongoing review by gov into part 2 of the landlord and tenant act 1954?

Answer 5

To ensure that it works within today’s leasehold market - part 2 is about security of tenure - trying to make sure the leg is clear and create a framework which is easy to use rather than one where you have to opt out

Question 6

What is the valuation registration scheme and why is it important?

Answer 6

If engaging in valuation can become rics registered valuer - important as it helps maintain valuation standards and valuers are audited by the RICS

Question 7

The revised red book is due to be published towards end of 24 and will be effective jan 25 - name the document that will be integrated into this

Answer 7

The international valuation standards (published jan 24) which included an increased focus on ESG

Question 8

While the code of measuring practice is still be updated what basis of measurement should you be using for retail, industrial, resi and offices?

Answer 8

Retail - NIA
Industrial - GIA
Retail Warehouse- GIA
Offices and Resi - IPMS

Question 9

Under the NPPF Proposed changes for reform what is the gov target number of homes per year?

Answer 9

370,000

Question 10

What is grey belt land?

Answer 10

Grey belt is defined as land which was previously developed and other parcels and /or areas of green belt that make a limited contribution to green belt.

Question 11

Which type of land is prioritised for housing?

Answer 11

1 brownfield
2 grey belt
3 Greenbelt

FOCUS ON SUSTAINABLE LOCATIONS WHEN RELEASING LAND

Question 12

When will membership of the next governing council be announced and how many prof group seats are there?

Answer 12

4th oct 2024 & 4

Question 13

which 2 boards make up the governing council?

Answer 13

1. rics board
2. standards and reg board
3. data and cybersecurity

Question 14

In the rics risk outlook report name 3 priority topics which were identified as shaping the industry

Answer 14

1. climate change
2. attract and retain diverse talent