DATES FOR THE
FM DIARY
16-18 MAY 2023
www.facilitiesshow.com
14-15 SEPTEMBER 2022
RWM & Letsrecycle Live
NEC, Birmingham
www.rwmexhibition.com
18-20 SEPTEMBER 2022
The Flooring Show
Harrogate Convention Centre, Harrogate
www.theflooringshow.com
20-21 SEPTEMBER 2022
Workplace & Facilities Expo
RDS Dublin, Ireland
www.workplaceandfacilitiesexpo.com
22 SEPTEMBER 2022
Circular Lighting Live
Cavendish Centre London
https://circularlighting.live/
27-28 SEPTEMBER 2022
International Security Expo
Olympia, London
www.internationalsecurityexpo.com
28-29 SEPTEMBER 2022
Safety, Health & Wellbeing Live
Farnborough International
www.safetyhealthwellbeing.live/
23-24 NOVEMBER 2022
EMEX: Energy Management Expo
ExCeL, London
www.emexlondon.com
23-24 JANUARY 2023
Facilities Management Forum
Radisson Hotel & Conference Centre
www.facilitiesmanagementforum.co.uk
27-28 FEBRUARY 2023
Workspace Design Show
Business Design Centre, London
https://workspaceshow.co.uk
JULY 2022 7
Average yield for
commercial rentals
hits six per cent
Commercial property
landlords are currently
averaging yields of six
per cent across England,
climbing as high as 8.6
per cent in some regions,
according to new research
by advisory fi rm, Revolution
Brokers.
Some areas of the
commercial property sector
took a big hit as a result
of the pandemic as offi ces
were left empty and many
workers are yet to return
full-time to their desks.
Retail in particular has long
struggled to fi nd its place
in an increasingly online
world says Revolution
Brokers, while industrial
sectors are facing numerous
challenges stemming from
the pandemic, Brexit, and
the rising cost of materials
and energy.
Despite this, it added
commercial rental yields are
holding strong and remain
higher than residential
yields. Across England, the
average price for commercial
property is £968,177 while
the average monthly rent
is £4,806. Resulting in an
average yield of six per cent.
In the South East yields are
averaging as high as 8.6 per
cent, followed by the North
East (8.1 per cent), East (7.4
per cent), West Midlands
(5.7 per cent), and East
Midlands (4.8 per cent).
In terms of commercial
stock availability, the South
West is home to the biggest
abundance and the region
currently accounts for 16
per cent of all commercial
stock listed for sale. This is
followed by the North West
(14.9 per cent), East (12.8
per cent), South East (12.5
per cent), and East Midlands
(11.9 per cent).
LORD BICHARD PUBLISHES
BICHARD RICS REVIEW
Lord Michael Bichard has published the Bichard RICS Review into
the Institution’s Purpose, Governance and Strategy, which RICS
Governing Council commissioned last December.
The review was a key recommendation of Alison Levitt QC’s report
into historic issues at RICS, which was published in September 2021 into
the events that took place following the commissioning of a Treasury
Management audit in 2018. The 467-page report revealed that the origins
of what went wrong lay in the governance architecture of RICS and
concluded that four Non-Executive Board members who raised legitimate
concerns that the audit had been suppressed, were “wrongly dismissed
from the Management Board” and that “sound governance principles
were not followed”.
Lord Bichard, who received 564 submissions to his Call for Evidence and
met hundreds of members, employees, non-executives and stakeholders
during the six-month Review, stated in his report that the future success
of the organisation “will require nothing less than a transformation of
the Institution carried out at pace” and described the need for change as
“urgent” and “unarguable”.
RICS Governing Council has said it “strongly endorses the report
and recommendations”, which were informed by a global stakeholder
consultation process, and will now “commence work on their practical
implementation”.
The implementation of the recommendations will ensure a strong
foundation on which to deliver the organisation’s purpose, underlining
its role as a Chartered professional body, and will see a strengthened
more autonomous regulatory Board, increased autonomy for the
Institution’s global members, and a renewed focus on delivering for the
public advantage. Key decision making, apart from regulatory decisions
made by the Standards and Regulation Board, will be undertaken by RICS
members.
The report’s recommendations include:
A renewed and increased focus on the public interest remit of RICS,
including amending the Royal Charter and creating a public interest
panel to advise Governing Council
Maintaining self-regulation, through greater independence for
regulatory functions
Increased focus on Diversity and Inclusion across the profession and
within RICS governance
Empowering and enabling members through greater support for
regional boards, alongside increased member engagement, with
renewed focus on younger members
Undertaking an independent review of RICS’ governance and
e ectiveness at delivering against its Charter for the public advantage
once every five years.
A new simplified, clear, accountable governance structure
Showing greater leadership on the issues that matter most to society,
such as sustainability and climate change
The specific Governance recommendations, which will see decision
making placed with members, include a reformed Governing Council
with responsibility for setting the strategy and overseeing the work of the
new RICS Board, which has responsibility for delivering the strategy and
business plan. It also sets out increased independence and autonomy
for the existing Standards and Regulation Board. Under the proposals,
regional boards will also have greater autonomy, and have more devolved
powers, and professional groups will be redeveloped. Lord Bichard also
recommends that commercial activities are clearly delineated from all the
Institution’s other activities.
Read the review here https://bit.ly/3RlI6XB
FMJ.CO.UK NEWS & ANALYSIS
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