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THE VALUE ISSUE

GOING, GOING, GONECan we really put a price on natural assets? /16

PUBLIC BENEFITS Assessing the role of PPPs in global infrastructure / 26

ONE SIZE FITS ALL? A universal language of property measurement / 30

#RICSmodus

rics.org/modus @RICSnews

APRIL 2015

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APRIL 2015_MODUS 03

16-19 NATURE RESERVESCan you put a value on natural assets?

20-22 CALL FOR BACK-UPFight off personal negligence claims with the help of RICS’ Member Support Service

24-25 FOLLOW THE MONEYGlobal institutional investors in real estate

26-29 BRIDGE THE GAPCash-strapped governments are building up their use of public-private partnerships

30-32 MADE TO MEASUREFive experts discuss the new international property measurement standard for offices

34-35 AMERICA’S HOMECOMINGOpening the door on the US house market

36-37 MORE THAN MEETS THE EYECitylabs’ new vision for an old hospital

06 DIFFERENCE OF OPINIONIf BIM is widely adopted as an industry standard, will the role of quantity surveyor become more or less relevant? We hear two points of view

07-15 NEWS IN BRIEFEssential industry news, advice and information for RICS members

08 THINKING: PETE HALSALLIs the UK seeing the dawn of a new self-build revolution?

13 PRESIDENT’S COLUMNReputation is hard earned, easily lost and prized most among members, says Louise Brooke-Smith FRICS

“I don’t think there’ll be any pride in waking up in 10 years and realising that we’ve sold our nature. But there’s great scope for

schemes that will protect our natural environment in positive ways”CHARLES COWAP MRICS, HARPER ADAMS UNIVERSITY, UK

ENVIRONMENT, P16

Views expressed in Modus are those of the named author and are not necessarily those of RICS or the publisher. The contents of this magazine are fully protected by copyright and may not be reproduced in any form without the prior permission of the publisher. All information correct at time of going to press. All rights reserved. The publisher cannot accept liability for errors or omissions. RICS does not accept responsibility for loss, injury or damage or costs that result from, or are connected in any way to, the use of products or services advertised. All editions of Modus are printed on paper sourced from sustainable, properly managed forests. This magazine can be recycled for use in newspapers and packaging. Please dispose of it at your local collection point. The polywrap is made from biodegradable material and can be recycled.

MODUS APRIL 2015 RICS.ORG/MODUS

Contents

38-39 CAREERSVideo interviews: don’t fail your screen test; Savills’ head of France Will Woodhead MRICS

40 BUSINESSSeamlessly move your office’s IT function

41 LEGAL 101Make sure your flood claims are watertight

42 BRAIN GAINWhat does it take to be an expert witness?

58 MIND MAPCushman & Wakefield partner and Tech City property head Juliette Morgan on “proptech”

PLUS43 Events 45 Salary survey46 Benefits47-48 Obituaries + Conduct51 Recruitment

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LOOK WHO’S COMING TO HOUSING 2015Join over 8,000 housing professionals to discuss the ‘big issues’ that everyone will be talking about.

Speakers include:

FULL PROGRAMME IS NOW LIVE. VISIT WWW.CIHHOUSING.COM TO VIEW

Isabel Hardman, Assistant Editor, The Spectator

Cathy Newman, Political Correspondent,

Channel 4 News

Alex Lowe, Industry Head,

Google

Alex Hilton, Director,

Generation Rent

Dr Gerard Lyons, Chief Economic Adviser, Mayor

of London

Duncan Weldon, Economic

Correspondent, Newsnight

CIH15_202x274_CIH SE.indd 2 24/02/2015 10:43

APRIL 2015_MODUS 05

FOR SUNDAY Editor Oliver Parsons / Art Directors Christie Ferdinando, Ben Martin / Contributing Editor Brendon Hooper / Production Editor Andy Plowman / Senior Designer Isabella Fernandes / Creative Director Matt Beaven / Account Director Karen Jenner / Senior Account Manager Amy Smith / Advertising Sales Director Charlotte Turner / Advertisement Manager Victoria Underwood / Senior Sales Executive Angus Sharpe / Display Sales Executive Maily Pham / Recruitment Sales Executive Marina Michelson / Production Manager Michael Wood / Managing Director Toby Smeeton / Repro F1 Colour / Printers Wyndeham Group / Cover Illustration Kyle Bean / Published by Sunday, 207 Union Street, London SE1 0LN wearesunday.com / For RICS James Murphy and Kate Symons, RICS, Parliament Square, London SW1P 3AD

“The concept of retirement is due for retirement” Discuss. Modus February edition

“Given our broad experience and technical knowledge could we not be redirected to new careers where we are not competing with the young.” Raymond Smith

“The 4-Hour Work Week by Timothy Ferriss suggests that retirement, as one block of time at the end of your career, is a dated philosophy and that mini retirements should be taken throughout your life, three months off here and six months there.” Lee Meadowcroft

“Lee’s comments are on the button, but it’s not just the time that’s precious – it’s the money. Also, by the time you get back to work you may find someone else sitting at your desk like I did!” Brian Pachent

“If anything it’s the employers that need to be more flexible and let the likes of me with the experience slowly cut back.” Mark Prunty

“My main concern was that if I didn’t bite the bullet I would eventually end up passing away with my boots still on.” Brian Caley

FOLLOW THE DISCUSSION, and get involved with this and many other conversations on the RICS LinkedIn group, at rics.org/linkedin

Join the

debateREACTIONS AND RESPONSES

FROM PREVIOUS ISSUES Do you have a comment about this issue of Modus? Email editor@ricsmodus.com,

or tweet us using #RICSmodus

AGRICULTURE CLASHSir, Modus never has a single thing of interest to me as a countryman and retired agricultural practitioner. Surely there must be quite a few of us out there? Enough anyway for the occasional article? Christopher Price FRICS FAAV, long retired, Umberleigh, Devon

Thank you for your letter. We’re very sorry to hear that you don’t enjoy reading Modus. This is the one publication produced by RICS that covers all surveying disciplines, so we try to incorporate features that focus on themes that cut across these incredibly diverse practice areas.

In this month’s issue, rural practitioners might be interested to read the environment feature on page 16, which looks at the valuation of natural assets and what this means for the way land is managed, valued and paid for.

As well as Modus, each member should also receive a technical journal from their primary professional group. All rural practitioners should receive the Land Journal, which is published six times a year and includes content from related surveying practice areas such as environment and planning and development.

FeedbackUSEFUL RICS NUMBERS CONTACT CENTRE +44 (0)24 7686 8555 Enquiries / APC guidance / Subscriptions / Passwords / Library / Bookshop REGULATION HELPLINE +44 (0)20 7695 1670 CONFIDENTIAL HELPLINE +44 (0)20 7334 3867 DISPUTE RESOLUTION SERVICES +44 (0)20 7334 3806 SWITCHBOARD +44 (0)20 7222 7000 LIONHEART +44 (0)24 7646 6696

89,317 average net circulation 1 July 2013 – 30 June 2014

NOT ACCORDING TO PLANSir, If Nick Hanson feels that quantity surveyors find Modus lacking in coverage of their discipline (February edition, page 5) he should try being one of the few chartered surveyors practising in town planning. Anything aimed at us is almost unknown and yet we are uniquely well informed to deal with planning, day-to-day “development management”, or “development control” depending which name it is currently using!

Chartered town planners are taught to write local plans, what they are not taught is anything directly relevant to actually delivering development on the ground. As a past local authority development control planner, I always found that my knowledge and training in valuations, economics, building construction and so on, gave me the ability to deal with developers and builders on equal terms. I knew what they were talking about and they knew that I knew when they were blagging it!

Sadly, we planning-orientated surveyors do not figure highly on RICS’ list of priorities, and as far as the Royal Town Planning Institute (RTPI) is concerned, we are “non-persons” who should not be employed as we have the wrong set of letters after our name. Our profile needs to be higher and both Institute and Institution need to recognise our worth and work together to bring our skills to the table more.

I am fortunate that twice a year at my local Kent CPD day, and at the annual planning viability day in London, planning matters are covered and I can secure 12 hours’ CPD. I don’t know how else I could do it unless I were to attend the horrendously expensive RTPI CPD days.Bob Britnell FRICS, Canterbury, Kent

06 RICS.ORG/MODUS

IAN ALDOUS MRICS, ASSOCIATE, EC HARRIS

An industry-wide uptAke in BiM could elevAte the profession – but this outcome is not a given. It will depend completely on the level of engagement and evolution from the quantity surveying community.

If BIM’s true potential is to be harnessed, professionals need to become effective parts of the “digital loop” – responding in the fast timescales enabled by digital working, influencing the model structure to facilitate value-added reporting, and developing additional core services to offset the automation of certain tasks.

All of this is an opportunity to move from a reactive service to a proactive one, using the power of information to drive efficient and effective design.

Quantity surveyors can use their core skills – measuring, analysing and interpreting – to add immense value from the plethora of new data that will become available. Insights that are generated from this will help to push iterative improvements and create value. This will allow the quantity surveyor to position themselves at the heart of project teams, rather than at the periphery.

New procurement and contracting models will evolve over time, and this change can be led by those that can best combine an understanding of both construction and legal processes. This is a huge opportunity.

Einstein is quoted as saying: “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.” This change of mindset is perhaps the greatest challenge that quantity surveyors must overcome to embrace the inevitable change that BIM brings.

HONGHUA YE, RD&E DEPARTMENT DIRECTOR, SHANGHAI XIANDAI ARCHITECTURE, ENGINEERING & CONSULTING

BiM chAnges quAntity surveying in A nuMBer of wAys.For example, with calculation handed over to the computer,

quantity surveyors can focus on things such as calculation rules and their compatibility with the BIM model. Information integration also makes it easier to store and retrieve past experiences, which can provide a comparative index for similar future projects and help to improve efficiency.

Another impact is the way in which BIM makes it possible to analyse quantities at different stages and phases. The true value of quantity surveyors will be in the analysis of data to contribute to decisions on investment. Such pre-construction investment control is hard to achieve in conventional working practices.

There is still a long way to go. First, data analysis in quantity surveying is subject to the completeness of the data input at the design phase. Upstream professions must be engaged to maximise the value of model information. Second, some key BIM software is not fully localised and needs supporting software. Constraints at data interfaces commonly cause missing data which have to be patched up manually. Third, the application of BIM technology requires hefty investment in software and hardware, limiting use to large and well-funded companies.

BIM technology will usher us from an era of primitive quantity calculation to one of elaborate pre-construction investment control. When a minority of consultants master BIM, they will become the best in the industry. When the majority master it, those who fail to do so will lose market share.

Technological breakthrough or threat on the horizon? Join the discussion at rics.org/linkedin, or tweet using #RICSmodus

Will BIM elevate or demote the status of the quantity surveyor? Discuss.

NO SMALL QUANTITYMore sophisticated ways of working will require a more sophisticated quantity surveyor - provided the technology is universally adopted

DIFFERENCE OF OPINION

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APRIL 2015_MODUS 07

HONG KONG KING OF THE WORLDValue of prime floors in office towers far outstrips those of other cities ($/ft2) Source: Knight Frank

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RICS Futures research looks ahead

Urbanisation, changing population demographics and shifts in economic power will transform the way we live and how we do business.

A study by Oxford Economics expects global construction output by 2025 to grow by as much as 70% to $15tn (£9.68m). Notably, China and India, with growing middle class populations, are expected to contribute to a third of this output.

Considering these forecasts, and through extensive research and consultation with the global surveying profession, the RICS Futures project has been identifying the opportunities and the challenges facing the built environment and related markets.

The research for RICS Futures looks at key themes spanning ethics and standards, leadership, future cities, technology and talent. As well as conducting individual interviews with property professionals from across the globe, more than 100 roundtable meetings and workshops have taken place.

RICS Director of Strategy, Dan Cook, said: “Scenario planning helps us deliver a more robust future for our profession and ensures that we’re ready to embrace change. It will be exciting to discuss actions for the future outlined in our research at the RICS Futures events that are planned over the coming months.”

DOWNLOAD the RICS Futures report from 22 April at rics.org/futures. The report will be officially launched at RICS’ Summit of the Americas in Los Angeles on Friday 24 April.

DOUBLE TOPFinal piece of track was laid

last October in the Gotthard Base Tunnel,

Switzerland – the world’s longest rail tunnel in its

most expensive construction

market

THE DATA

Intelligence

NEWS IN BRIEF

rics.org/modus

WHAT ARE THE MOST DESIRABLE INVESTMENTS OF PASSION? (CHANGE, Q2 2013-Q2 2014)

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Source: Knight Frank

Switzerland is the world’s most expensive country for construction, while building costs in Japan are now cheaper than in the US, the latest construction costs study from consultant Arcadis has found.

The 2014 study, which examines building costs in 43 countries, reports that relative construction costs have been affected by currency fluctuations, commodity prices and increasing demand for development in many recovering economies throughout the year.

These global factors have also affected the cost of building projects in the UK, which has seen significant increases over the past year.

In contrast to 2013’s report, European countries dominate the top 10. This is partly thanks to the economic recovery in countries such as Germany and France, which is translating into higher fees. Meanwhile, currency devaluation in emerging markets means that relative costs have dropped considerably in these areas. For example, costs in India, Indonesia, Malaysia, Thailand and Vietnam are now around 35% less than in the UK.

“Growing economic stability in some parts of the eurozone has led to European nations dominating the top 10 for building costs,” said Simon Rawlinson MRICS, head of strategic research at Arcadis. “This is at the expense of some Asian states such as Singapore, Macau and Japan, where currency devaluations have seen them drop down the rankings.”

DOWNLOAD THE REPORT at bit.ly/concosts2014. How are higher construction costs affecting you? Tweet us using #RICSModus

COSTS RISE IN EUROPE BUT FALL IN ASIACONSTRUCTION

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There is a revolution under way in the UK’s delivery of new housing, and one that is passing by many

commentators and industry players.Quite simply, we are going all continental

– and in doing so rediscovering our entrepreneurial roots – as well as going back to the future: councils are starting to build again, and with quite some ambition.

What’s happened? Well, first, the government’s rather excellent 2011 housing strategy paper for England has set out the stall: we need to support people in building their own homes, albeit generally by commissioning a builder – so-called “custom build”. In parts of continental Europe, this represents a huge proportion of the market.

Indeed, I recall as a student in 1985 going to see a marketing suite in Hannover, Germany, with a field to the rear full of show homes. A prospective home buyer could choose this design over here, the windows in the one over there, and the kitchen and bathroom combination from the one in the corner by the trees. These houses could be delivered lock, stock and barrel in six months on a plot of land secured from a council whose job it was to create serviced housing plots to facilitate home building. Job done.

This new model is emerging in the UK, and several players, among them Kevin McCloud’s HAB, are seeking to scale up into this market. The interesting thing about all of this is that, at heart, it is inherently entrepreneurial – and also politically game changing.

In the context of ongoing talk of “generation rent” – one of many things that is creating increasing disengagement and disenchantment among younger

voters – the political parties have a terrific opportunity. Imagine the sense of excitement, of empowerment, indeed of deep satisfaction for those who would seize the opportunity and build or commission their own home. A vote winner, for sure.

Imagine also the line of national entities and consumer brands, so adept at customer service – in marked contrast to most housebuilders – who may line up to support this new, truly customer-centred market. Virgin Homes for ultra-connected houses? Maybe Marks & Spencer or John Lewis for interior design services? This field could really open up.

It seems the momentum is building. Should the Self Build and Custom Housebuilding Bill become law, councils will be required to set aside and identify land for custom build and self build.

At the same time, councils are being given latitude to borrow money against their housing revenue accounts to enable them to build their own housing developments, providing homes for their residents, and votes for the political parties that make it happen.

There are some ambitious councils out there, highly motivated to please their voters, and I believe they are going to become significant players in this sector once again. They must, of course, not repeat the lessons of the 1960s council building boom, now infamous for low build standards, poor architecture and an oft-perceived, top-down disregard for the needs of those to be housed.

For these new homes to win councillors votes from a demanding public, they need to be something to truly aspire to, not some of the identikit and soulless housing that we still see so many housebuilders turn out. Many councils are already wise to this, and are driving quality. As a result, a new nexus in design and democracy beckons. We may be on our way to a new future in housing where “good homes” become the norm. A future that already exists in so many of the housing markets of our continental neighbours.

Better late than never.

WHAT’S YOUR VIEW? Email your thoughts to editor@ricsmodus.com

“In the context of ‘generation rent’ – one of many things creating disengagement among younger voters

– the political parties have a terrific opportunity”

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APRIL 2015_MODUS 09

Governments and global bodies get behind IPMS

Since its launch last November, governments and organisations around the world have been expressing their support for the first international property measurement standard, IPMS: Office Buildings.

In the UK, the Valuation Office Agency (VOA) will be working closely with RICS on IPMS-based guidance. The VOA maintains the valuation lists of 1.9 million commercial properties and 24.7 million residential properties in England and Wales. In 2013 it collected about £48bn in non-domestic rates, or business rates. As the largest employer of chartered surveyors in the UK, its Valuation Measuring Guide already complies with the RICS Code of Measuring Practice.

Niall Walsh, VOA chief operating officer and chief valuer, said: “The VOA is keen to work with RICS on all professional guidance and standards. We are pleased to have been involved with the development of IPMS.”

The Dubai Land Department became the first government agency in the world to state its intention to use IPMS back in October 2013. In the Caribbean, the Lands & Survey Department in the Cayman Islands, as well as Jamaica’s National Land Agency have mandated the use of IPMS: Office Buildings. The International Monetary Fund has also announced its intention to re-measure its entire global portfolio using IPMS. The fund works in 188 countries and has been a vocal supporter of the initiative.

WE LIKE

ONE THING I KNOW

What’s that? It could be the world’s first cable-free, multi-directional elevator system, 160 years after the lift was first invented. Designed by ThyssenKrupp, the Multi can move sideways as well as vertically, powered and held by magnetic force instead of weights and cables. The company says it will allow multiple elevators to occupy a single shaft in a “near-constant” loop formation, helping increase passenger capacity by up to 50% and cutting waiting times. Clever. But why? The Multi is expected to require smaller shafts than conventional elevators, so using them could potentially increase a building’s usable area by up to 25%, saving construction costs. “With this technology, the limits on high-rise structures will be removed and we will have futuristic buildings that previously could only be dreamed of,” enthuses Patrick Bass, head of research and development at ThyssenKrupp.When can I ride it? Not for a while yet. To get the elevator ready for the market, it has to go through some rigorous testing. The company is even building a test tower in Rottweil, Germany – due to be completed at the end of 2016 – specifically as a testing ground for a full prototype, which should be ready around the same time. thyssenkrupp.com

The “Multi” rope-free elevator

“Bland but practical is no longer enough in commercial property spaces”

Sarah O’Connell MRICS, director, national offices, Colliers International, UKWe’re starting to see more occupiers across west London and the Thames Valley look to imprint their own

culture on their office interiors. Besides the facade, of increasingly higher importance is a reception that communicates a company’s culture. Occupiers need the functionality and flexibility that comes with a new build or full refurbishment, but also want properties with independent character

to act as an extension of their brand. It’s a trend largely being driven by US-owned tech firms, which are trying to replicate their unconventional workspaces across their global offices, and there is sufficient demand to warrant developing more buildings that deliver such an environment.

GOING ACROSS?

Multi concept dispenses with

weights and cables in favour

of magnetic system

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Intelligence

PUT ALL YOUR STOCK IN ASIA-PACIFICHuge swing in location of world’s property targeted by institutional investors forecast by 2031 Source: Pramerica Real Estate Investors, JLL

®

EMEA

AMERICAS

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Experts discuss IPMS: Office Buildings, p30

10 RICS.ORG/MODUS

H appy birthday to me: I’ve now reached one of those major milestones

in life. Apparently, I now qualify for special rates on my insurance. A new type of holiday brochure has started to arrive in the post, too. And I am now eligible to move into some of the age-restricted housing that I am employed to maintain.

To say I don’t feel old would be an understatement. I’ll admit that I’ve (probably) started the second half of my life. I’ll even agree that my eyesight is not what it once was. But old? Me? Surely not.

Most of my current portfolio of properties were built in the 1970s, when being old was a very different experience. My retirement flats were comfortable and convenient in the days when walking to local shops and catching buses were things that suburban people did.

The current “older” generation tends to find these properties unattractive. Many baby boomers got lucky with housing. They were the right age at the right time when housing was affordable, mortgages were easy to get and builders were

building like never before or since. Many thousands of people were also able to buy their council houses at very favourable prices.

That’s not to say this generation doesn’t have its problems with housing. Half of all people now classified as living in poverty own their own homes. Being asset rich but income poor is a growing issue, and many find themselves unable to heat or maintain their houses. But unlike previous generations, they are mainly expected to deal with their problems on their own. Social provision is now more of a safety net for people in crisis than the helping hand it once was.

So sheltered flats like mine tend to fill up with people with far more problems than they were designed to take. Meanwhile, the next generation is often resentful because, whether rented or bought, having a home of their own is so much more difficult for them.

Welcome to my world.

ARE YOU INTERESTED in writing a future Secret Surveyor column? Email editor@ricsmodus.com

RICS is effectively regulating the profession, say members

Most members (85%) agree that RICS’ regulation to protect the public and the profession is effective, reports the December 2014 survey, to which more than 6,000 RICS members responded.

Overall satisfaction and pride in membership remained high at 68% and 89% respectively. Members’ understanding of RICS’ direction rose to 78% and those agreeing with the direction of the organisation increased significantly to 71%.

The RICS membership survey is conducted every six months and gives members the opportunity to feed their views directly into RICS’ strategy and performance. Respondents are representative of the membership in terms of age, sector, and location.

Governing Council elections open this month

Elections for Governing Council, RICS’ international decision-making body, open this month. Voting begins on 13 April and will run until 15 May. A total of 22 positions are being contested out of 60 council seats. Full details about how to cast your vote are available at rics.org/gcelections.

RICS accredits two more courses at Moscow university

RICS has accredited two courses at the Moscow State University of Civil Engineering, including a master’s in construction.

A university or course will only become RICS accredited when it has passed a rigorous selection process that guarantees the application of internationally respected standards. RICS Europe’s Continental European Educational Standards Board is responsible for all educational quality assurance matters in the EMEA region, as well as for the quality of the APC.

SECRET SURVEYOR“Many baby boomers got lucky with housing. They were the right age at the right time, when housing was affordable”

CHINA OUTSHINES EUROPE IN LONDONChinese investors in London’s commercial property market accounted for more inward investment in 2014 than all European buyers collectively, Savills has found.

The firm’s research showed that of the £21bn spent in the London market last year, US investors spent the largest amount at £3.4bn, followed by investors from China (£2.2bn) and Qatar (£1.2bn). Chinese insurance companies were found to be increasingly active in London.

“Chinese investors coming into the UK market are mainly developers and insurance companies,” commented Eric Zhao, a Chinese capital

markets specialist at Savills. “Top Chinese developers are being driven by challenges in the domestic market and global branding needs, while insurance companies are beginning to diversify their huge capital outside of China after the restriction on overseas investment was lifted by the regulator.

“We have already seen the top Chinese firms make a statement in London and we are expecting more to follow.”

NEWS IN BRIEF

rics.org/modus

INVESTMENT

SHOW OF TOWER

Chinese insurer Ping An bought

Tower Place for £327m in January

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APRIL 2015_MODUS 11

Intelligence

A VERY COOL HOUSEThe home as hermetically sealed refuge from the cold is a deep-rooted notion, particularly for northern Europeans. But in other cultures, the home can be more porous, with inside and outside blending more comfortably. A case in point is this refurbishment project by Vietnam-based architect Tropical Space, where perforated brick walls enclose the concrete structure of an old house in the coastal city of Da Nang. The brickwork grilles bring cooling shade and allow air to flow freely through the living space, reducing temperatures during the hot, dry season. Meanwhile, glazing is used where necessary to protect from the elements during the rainy season.

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flexibility to take a different approachbased on making you successful.

For more details of what is possible call John Craig on 0800 0258 008

12 RICS.ORG/MODUS

APRIL 2015_MODUS 13

they sAy you never reAlly vAlue whAt you hAve until it’s gone. I’m sure we can all think of times when we have felt that way following a loss in our professional or personal lives. The pain of loss tends to be proportional to the value that we attach to the thing lost. This may be a financial value that can be measured objectively. Or it may be intangible – such as the loss of reputation.

Wherever we look in today’s world, reputations of businesses, groups of professionals or state institutions seem to be constantly under scrutiny. Think of a supermarket chain that overstates its profits, a financial institution caught rigging the market, or a politician accepting undeclared donations in return for policy changes. Examples such as these are not limited to any one country and, thankfully, when they do occur, those responsible are usually brought to account.

Reputations are hard won and can be easily lost. In the age of social media, campaigns by small groups of individuals with a vendetta can spiral into lasting reputational damage – even when the central charges are unjustified.

Few organisations have done more to build their reputation than RICS. Our Royal Charter – awarded in 1881 – was early recognition that we had established ourselves as a body that could be relied upon to act in the public interest. Today it remains a highly prized affirmation of our status.

Wherever I go, the message I hear is that our status and reputation really matter. Our Royal Charter and our place as a standards setter are powerful. But what makes the crucial difference is that we can demonstrate the success of our independently led regulation model in quality assuring the professionalism of those holding the RICS qualification. In other words, effective regulation helps build confidence in markets and among consumers, thereby raising our collective status. We have made great strides in regulation over the past year, through improvements in overall performance and efficiency savings achieved through internal restructuring.

Independently led regulation is a key element of what distinguishes us from a trade body and, interestingly, our surveys indicate that RICS members rate it more highly than any other benefit. It’s heartening, therefore, that so many of us value our reputation. We must take every step to safeguard it.Follow Louise on Twitter @LbsLouise

FAIR VALUE Being an

independently regulated body

is the quality most valued by

members in the profession

New measures are being introduced in Dubai to regulate hundreds of new real estate brokers. More than 500 brokers set up in the emirate last year, and the Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department, aims to make sure they are compliant.

Dubai’s real estate broker sector is booming thanks to a strong recovery in the property market, and with the high influx of brokerage firms, RERA is introducing four regulations to increase transparency in the sector. “We had over 8,000 brokerage firms with 10,000 brokers at one time, but now we have 2,205 firms with 5,021 brokers,” said Marwan bin Ghalita, chief executive officer of RERA. “We saw 567 new firms set up business [up to September 2014] and we believe the numbers are still high for Dubai.”

The new brokerage regulations include raising the pass mark for the mandatory test for a renewal of a broker’s licence from 75% to 85%, and linking broker registration with emirates identification. Also, new brokerages will only be allowed to start with four broker visas, and any increase will depend on their performance. Brokers who fail to make any transactions for six to 12 months will have their registration cancelled.

These new measures are in addition to mandatory unified real estate contracts, introduced last year, which aim to strengthen the rights of sellers, buyers and brokers in real estate transactions. According to Dubai Land Department figures, there were 17,289 real estate transactions worth AED37.5bn (£6.67bn) in the first half of 2014.

BROKER INFLUX SPARKS DUBAI CLAMPDOWN

REGULATION

LOUISE BROOKE-SMITH FRICS RICS PRESIDENT

INFO

GR

APH

IC IA

N D

UTN

ALL

ILLU

STR

ATIO

N B

ERN

D S

CH

IFFE

RD

ECK

ER

“Reputations are hard won and can be easily lost”

UNWANTED DEVELOPMENTDubai’s resurgent property market has led to an influx of brokers and a need for tighter regulation

Intelligence

RIO IS HOTTING UPIt is fast becoming twice as expensive to base oneself in the Brazilian city as it was six years ago Source: Savills Live/Work Index 2014

RIO DEJANEIRO

SYDNEY LONDON SHANGHAI NEWYORK

PARIS HONG KONG

MOSCOW DUBAI TOKYO

-14%

-4.4%

EMEA

-8% AMERICAS

+22%ASIA-PACIFIC

RIO DEJANEIRO

NEWYORK

PARIS HONGKONG

MOSCOW DUBAI TOKYOSYDNEY LONDON SHANGHAI

No change

+86% +58% +39% +25% +18% +5% 0%

ANTI

QUE

FURN

ITUR

E

CHIN

ESE

CERA

MIC

S

JEW

ELLE

RY

WIN

E

WAT

CHES

STAM

PS ART

COIN

S

CLAS

SIC

CARS

LIFE

STYL

EIN

EYAR

DS-8%

-2% 0%

3% 3% 3% 4.5% 5%

10%

25%

+8.9%+16% +15.7%

+10.4%+5.2%

$50-$100K $100-$250K $250-$300K $500-$750K $750-$1M $1M+

-5% -23%-16%

14 RICS.ORG/MODUS

APRIL 2015_MODUS 15

NEWS IN BRIEF

rics.org/modus

New head of education and qualification standards joins

RICS has appointed Dr Frances Tsakonas as Global Director of Education and Qualification Standards (EQS). Based in London, she will lead the EQS team, which is responsible for administering the APC and for RICS-accredited universities and courses.

Born in Australia, Tsakonas has worked around the world, and among her academic qualifications is an advanced post-master’s specialist studies certificate in education from Harvard University and a doctor of philosophy in transnational education from the Institute of Education, University of London.

She has a range of experience in quality assurance, accreditation and validation systems and her appointment reaffirms RICS’ commitment to raising standards and creating a sought-after qualification for professionals.

Autumn Statement and IPMS puts RICS in the UK news

Between December 2014 and March 2015, RICS was mentioned in the UK media more than 2,350 times. This coverage included 11 national broadcast appearances, 75 articles in the national press and 685 regional mentions.

The main UK stories reported during these three months were RICS’ response to the Autumn Statement and the launch of IPMS. The former was featured by property portal Zoopla, which has nearly 5.3 million online users, while Property Week ran a full-page interview about IPMS with Ken Creighton, Director of Professional Standards for RICS.

The UK Residential Market Survey was covered by the BBC, Sky, CNBC and Bloomberg and also featured on the front page of the London Evening Standard.

READ WEEKLY ROUNDUPS of press coverage at rics.org/presscoverage

The resurgence of the UK regions will create more than 200,000 new jobs across the industry in the next five years, including more than 8,000 surveying jobs, the Construction Industry Training Board (CITB) has forecast.

In a report prepared by the CITB’s Construction Skills Network (CSN), the UK’s construction sector is predicted to expand by 2.9% year on year to 2019 as investment in housing, leisure and infrastructure delivers growth in every region. The region expected to experience the greatest boost is Wales, which is predicted to grow by almost 6% year on year and create around 5,300 construction jobs on projects such

as rail and road improvements, nuclear new builds and gas-fired and tidal lagoon power plants.

The report also predicts the UK’s private housing sector will grow at a rate of 4.6% to 2019, with the commercial sector set to grow at the same rate. “Construction is experiencing a major comeback – with a sustained period of growth set to make a positive impact on the wider economy,” said Steve Radley, director of policy and strategic planning at CITB. “Leisure, infrastructure and housing are all driving growth, but this brings with it new challenges in meeting the skills demand.”

Meanwhile, in the run-up to next month’s general election, the Federation of Master Builders (FMB) has called on the government and industry to collaborate to tackle the housing crisis. Brian Berry, chief executive of the FMB, commented: “In England we’re only building around half the number of homes required to meet the demand for housing. Regardless of which party takes the reins in May, the next government must work with industry to develop a robust housing strategy and commit to building at least 200,000 homes a year by 2020. This is a realistic target and one that can be achieved if we remove barriers to small, local builders.”

DOWNLOAD THE REPORT from: citb.co.uk/csn

TIDAL SURGEWork on £1bn Swansea Bay

Tidal Lagoon is expected to commence

this year and will help Wales’

construction sector grow almost 6%

Intelligence

UK SURVEYING BOOM PREDICTED FOR PERIOD 2015-2020

CONSTRUCTION

Large international construction projects can often have many contractors and consultants based in different jurisdictions. This situation can lead to serious confusion in the understanding, interpretation and execution of the construction contract.

This highly practical book is ideal for those needing to understand legal and managerial aspects of international construction projects. It provides a clear and thorough overview of civil law/common law interrelationships, delivery methods, standard forms of

contract, risk allocation, variations, claims and dispute resolution. There is also a handy 10–language basic dictionary of key terms used in industry forms.

WHAT BOOK ARE YOU READING? Tweet to let us know, using #RICSmodus

PAGETURNER INTERNATIONAL CONSTRUCTION CONTRACT LAW Lukas Klee

®

IMAG

E L

DA

DES

IGN

16 RICS.ORG/MODUS

Environment

Can putting a price on nature protect it? Where once this question was only asked in academic circles, over the past decade it has been

contested in the corridors of government, debated in boardrooms and condemned in newspaper headlines. It has been the subject of countless reports, and inspired evangelists and detractors in equal measure. Nevertheless, the answer could have profound implications for the way in which land is managed, valued and paid for.

A growing realisation in government that business as usual will not be enough to reverse the decline of our natural environment has generated numerous studies into how we can value nature, or rather our “natural capital”, in terms of the services it provides for us. In the UK, this has so far culminated in the release of the third and final report from the Natural Capital Committee (NCC) to the Treasury in January.

Set up in 2012 in the wake of the government’s natural environment white paper, the NCC was tasked with trying to ascertain the value of the country’s natural assets – and making recommendations on how they should be protected and enhanced. January’s report outlines a 25-year strategy to do exactly that, setting out a framework for what investment is needed and where that money should come from. It is a clear set of actions which, if taken forward, is likely to create considerable opportunities for land surveyors, as well as planning and development professionals.

“There’s an element of government environmental policy that suggests that if you can put a price on it, you can measure its importance,” says Charles Cowap MRICS, principal lecturer at Harper Adams University in Shropshire. “Of course, from a political point of view, it also gives you the

possibility of moving something that’s paid for by the public sector into an area where the private sector pays for it.”

In a 2012 paper for RICS called Challenges for International Professional Practice: From Market Value to Natural Value, Cowap outlined the huge potential for surveyors to offer brokerage, appraisal and expert advice to those with responsibility for maintaining natural assets and those benefiting from the so-called “ecosystem services” those assets provide. He summarised 10 market opportunities, among them carbon sequestration, biodiversity offsetting, the use of green infrastructure to reduce insurance risk, and payment for ecosystem services – all

of which the NCC’s report now suggests could come under “a targeted natural capital investment programme”.

Cowap says surveying firms are starting to look at these opportunities. “For those managing extensive rural estates, there are opportunities to use some of the assets in a different way, for carbon sequestration or in the biodiversity offsetting market, for example. For those on the planning side, green infrastructure and sustainable urban drainage systems (SUDS) can be used to facilitate development. The job of the valuer is broadening, too, as these things are increasingly expected to be reflected in valuations.”

Although it is not yet clear how the recommendations of the NCC’s report would be put into practice, there are a few pioneering projects under way that point to how they might. At present, Cowap is engaged on a project in Exmoor to develop a system whereby South West Water will pay local farmers to manage their peat reserves. “South West Water can save on pumping costs if the peatland is in better condition, so the source of those payments to farmers is the savings the utility company expects to make,” he explains. »

NATURERESERVES

Illustration Kyle Bean Photography Amy Currell

Words George Bull

Would assigning a value to our natural assets arrest their

decline or speed up their demise? And

how might surveyors approach such a task?

Xxxxxxxxx

APRIL 2015_MODUS 17

18 RICS.ORG/MODUS

Just as prospective buyers might be willing to pay a premium for a location on a tree-lined street or with a view of a park, there is growing evidence to suggest that “green features” within buildings themselves also add value, through increased rental and occupancy rates, higher sale prices, lower operating expenses and faster marketing times.

Building-in green valueDEVELOPMENT

So as sustainability indicators such as energy performance become a more important part of the decision-making process for investors and lenders, it seems logical that these should be reflected in property prices. In turn, better knowledge of the pricing of “green” real estate may lead to increased investment in sustainability and energy efficiency in those markets.

Since February 2013, RICS has been part of the RenoValue consortium, a two-year EU-funded project to develop training materials for valuers on how to incorporate these sustainability aspects into valuations.

FOR MORE INFORMATION, visit renovalue.eu. Read RICS research, Measuring Green Value: An International Perspective, at rics.org/uk

Environment

HUGH FELL FRICS George F White

llWe know some buyers are willing to pay for

biodiversity, so we can accept there is value, but

what is the quantum? The rural surveyor doesn’t have the tools to assess it ll

These kinds of bilateral commercial agreements are known as payments for ecosystem services and offer some of the most vivid examples yet of the natural value approach in action. As part of the Pumlumon Project in the Welsh uplands, for example, the Montgomeryshire Wildlife Trust aims to put 3,730 hectares of land under management to minimise flood water run-off. It is not difficult to see how this could become a paid-for service by local businesses, or even insurance companies keen to reduce flood risk. The project also aims to lock up almost 2m tons of carbon in peat reserves which, hypothetically, could provide another source of revenue for the government if, as part of the peatland carbon code, developers were allowed to offset the embodied carbon in new homes by investing in peatland restoration.

“Companies are being encouraged to enter into agreements with farmers,” says Cowap. “It is worth considering to what extent we might see some start to turn their back on the Common Agricultural Policy (CAP) and instead seek to use their assets differently to secure a set of payments for ecosystem services.” There is much that farmers embarking on such a move would need advice on: would it devalue the land, for example? What should the terms of the contract be for whoever is paying them, and would it still count as farmland for tax purposes? Nevertheless, it hints at the possibility of sustainable land management becoming a viable business model for farmers.

This is the drawback of the existing stewardship schemes, believes Hugh Fell FRICS, managing partner at George F White: they are too politically reliant to provide long-term security to landowners. Also known as agri-environment schemes, stewardships invite farmers to apply for government subsidies to, among other things, manage areas of their land for biodiversity, water and soil. “Unless you can demonstrate to a landowner the impact on either cashflow or balance sheet, they won’t actively manage the resource,” he says. “The stewardship scheme is complete short-termism, because, in reality, if it’s not there in 10 years’ time, the balance sheet situation has depreciated and the cashflow has dried up.”

W hat is more exciting is if you can create a new enterprise within the business, says Fell. “So in addition to grazing sheep or growing corn, the

stewardship of landscape provides additional cashflow in the long term that increases capital value – or at the very least preserves the balance sheet value. That’s when landowners start to think about it in depth.”

But what do these new enterprises mean for the valuer who now needs to understand how biodiversity or a beautiful landscape has an impact on market value? In his 2012 paper, Cowap suggested that the need for development appraisals and asset valuations to reflect the entirely new requirements of ecosystem services could create a skills gap in the short term – as well as competition from environmental economists. Fell agrees: “We know that some buyers are willing to pay for landscape and biodiversity, so we can accept that there is value, but the big debate is what’s the quantum? And the rural valuer doesn’t have the toolkit to assess it.”

To meet this challenge, Cowap is working with RICS on an introduction to environmental valuation for surveyors. It is expected to be published in June and

will explore methodologies for monitoring, valuing and accounting for natural capital. But can it really hope to use economic valuation to get an accurate picture of what nature means to society? Critics of the natural capital or market approach argue that it cannot work because, ultimately, we are trying to compare “goods” that are not comparable.

Ian Hodge FRICS, professor of land economy at the University of Cambridge, explains that we can access some of the value by looking at environmental impacts on traditional assets, for example: “Air quality isn’t captured by markets, but it might affect how much you are prepared to pay for a house.”

What they cannot get at, though, is what Hodge calls existence value. This is the idea that while our chances of seeing a blue whale, for example, are virtually zero, we still value that the blue whale exists. “I think that we can use markets to get at some of the social valuation, but I am anxious that we are missing the big picture,” he says.

The fear that economic valuation will ultimately lead to commodification fuels the debate over the most hotly contested area of the natural capital approach: biodiversity offsetting. Such schemes allow developers to compensate for environmental impacts by carrying out appropriate work elsewhere – but only once they have exhausted all other attempts to mitigate their impact. That is how it should work in principle, says Miles King, an independent conservation consultant, but it is often too tempting for developers to jump straight to offsetting.

By making biodiversity tradeable, he says, we’re actually weakening the protection that’s currently afforded to nature. Having worked as the grassland expert for the Royal Society for the Protection of Birds at the Lodge Hill Site of Special Scientific Interest

(SSSI) in Kent last year, King opposed plans by Medway Council and developer Land Securities to offset the impact of its housing development by relocating a population of nightingales to a new habitat. “The place they’ve chosen is already highly protected, so even if they were successful in migrating the nightingales, they might cause the loss of other more valuable species in the process. Even the Environment Bank has said offsetting shouldn’t apply to SSSIs.”

When it comes to biodiversity offsetting, Cowap agrees that currently planning services lack the resources to enforce the mitigation hierarchy, and are therefore too reliant on what the developer tells them. Despite this, he remains hopeful about where the momentum gathering behind the natural capital approach might take us.

“I don’t think there’ll be any pride in waking up in 10 years and realising that we’ve sold our nature,” he says. “But I do think there’s great scope for schemes that will protect our natural environment in positive ways. We’re at the stage now where the academic theory needs to be translated into practice and, as a profession, we need to be looking out for when the innovators start to become early adopters – because the danger is that if we blink, we’ll miss it.” n

APRIL 2015_MODUS 19

APRIL 2015_MODUS 21

Personal liability

Recessions and property slumps can bring a whole host of potential anxieties for chartered surveyors – reduced work, salary freezes,

job insecurity and, increasingly, a rise in accusations of professional negligence. Unfortunately, it is an area of litigation – particularly in residential valuation – that has been on the rise in the UK since the global financial crisis, as clients seek to recover their losses. Defending against a claim of negligence can be a highly stressful and costly experience, as well as potentially damaging to one’s career and family life. But thankfully, there are people around to help.

When a professional negligence claim was brought against estates building surveyor Robert Chisnall MRICS in 2013, at first he was unsure where to turn. “My initial reaction was what I guess many people’s would be: panic with complete disbelief that this could be happening to me,” he recalls. “I felt sick, scared and extremely nervous, having never been in such a situation before.”

A claimant had issued proceedings against Chisnall in relation to a HomeBuyer Report he had undertaken in 2007, while an employee of a firm he had long since left. But by the time the proceedings had been served, the firm had become insolvent and no longer carried professional indemnity insurance (PII). So instead, the claimant targeted

Personal negligence claims against valuers have been on the rise since the recession, but

members do not have to fight them alone

CALL FOR BACK-UP

Words Brendon Hooper Illustration Francesco Bongiorni

Chisnall as an individual. Citing the example of Merrett v Babb, the claimant alleged that he, in his personal capacity, owed her a duty of care for preparing the report, despite Chisnall being merely an employee of the firm at the time.

In the landmark case of Merrett v Babb in 2001, the Court of Appeal ruled that, in certain circumstances, professionals who advise in a mere employee capacity can find themselves owing a personal duty of care to the client or other party who relies on their report. Understandably, the use of this legal precedent became a huge cause for concern for valuation surveyors such as Chisnall, who was at serious financial risk. But in the wake of Merrett v Babb, RICS had set up the Member Support Service (MSS) – specifically to assist UK members who cannot rely on their previous employer’s PII as the firm has gone into liquidation without run-off cover – because it believed the ruling placed surveyors in a situation that they could not possibly foresee.

“I had no previous knowledge of the service,” Chisnall explains. “It was only after confiding with my current employer, GMS Estates, of my circumstances, that my managing director said he had read somewhere about support offered to members by RICS, so we got in touch.”

Happily, the case against Chisnall was successfully settled in his favour in »

Guidance for members is on its way

VIEW FROM THE US

The North American valuation profession is beginning to experience a rising trend in professional negligence litigation that has already developed in global markets such as the UK, Australia and in parts of Asia. To address these emerging risks, which centre primarily around the rising legal claims associated with unintended use of valuation reports, RICS has published guidance to provide North America-based members with best practice around language in the terms of engagement with their clients.

The guidance will be released within the next six weeks or so. Members will be able to access it through the website and hard copies will be available from roadshow events that RICS is holding across North America later this spring.

RICS has solicited feedback from lenders, large firms, sole practitioners and insurers across North America. The document was developed by an independent consultant to ensure that it addresses the issues related to liability that impact the viability of the profession and ultimately threaten the public interest.

The guidance will help members to engage with clients in ways that minimise the risks involved in conducting valuations, reduce the probability of claims, and ensure a high standard of appraisals.

Michael Zuriff, Regulation Team Manager, RICS Americas

22 RICS.ORG/MODUS

Personal liability

ROBERT CHISNALL MRICS GMS Estates

llMy reaction was what I guess

many people’s would be: panic

with complete disbelief that this could be

happening to mell

Actions speak louder than words – or so the aphorism goes – and it seems an apt description of recent cross-industry collaboration to improve the outlook for commercial lending valuations, writes Jennifer Watson.

The sector is facing a number of separate but interlinked problems: valuers often work with contracts that expose them to excessively high levels of risk; the cost of professional indemnity insurance (PII) has consequently increased; while lenders would argue that there is a need for a wider range of checks and balances on valuers and their products.

Although the issues are diverse, industry voices are unanimous that there is an urgent need for joint action to tackle these challenges.

Last year, RICS took up the role of facilitator by setting up a cross-industry group of lenders, valuers, insurers and lawyers to work out what could be done jointly to mitigate these challenges. The group was chaired by Teresa Graham CBE FCA HonRICS, former RICS Regulatory Board Chair.

Graham said: “I knew it would be a challenging role to bring these disparate industry voices together to agree how to improve the market outlook.

But we got there. We’ve produced a paper that recommends a package of measures which, if implemented, will ensure a continued supply of valuation into the market and protect high standards of practice.”

The paper proposes the creation of a UK cross-industry commercial valuation forum to act as an industry “safe space”, in which issues of mutual concern and best practice can be discussed. No less significant a development is the cross-sector commitment to consider a more consistent application of reasonable contractual terms, to properly address the balance of risk and reward and valuer

exposure. Proposed contractual terms for this are sketched out in the cross-industry paper.

The British Bankers Association and the Association of British Insurers will sit on the cross-industry forum and have expressed their support for the initiative.

The challenges around the provision of PII, valuation management and risk exposure are unlikely to be resolved immediately, but reaching an agreement that those issues need to be addressed is a step in the right direction.

FOR MORE INFORMATION, go to rics.org/futurevaluation

Forum aims to create ‘safe space’ for valuersVIEW FROM RICS

November last year, and he is now taking the time to “breathe some much-needed fresh air”, having emerged from a lengthy period of doubt and uncertainty. “I would strongly urge that if any member finds themselves in similar circumstances to remember that the MSS exists and is there to help,” he adds. “RICS provides so much more support for its members than I had ever appreciated.”

This feeling is echoed by Fraser Maldoom FRICS of London-based Capital Chartered Surveyors and Valuers. The MSS successfully helped defend a claim against him in 2011, which related to his former employment at a since-collapsed chartered surveying firm. “The assistance received from RICS not only resulted in a successful outcome, but also spared me from the anguish I would have had to endure if I had been facing this on my own,” he explains. “I can only speculate how dreadful that would have been.”

The MSS provides professional guidance and support to members, who are also given specialist legal advice from law firm Browne Jacobson. So far, the team has successfully defended 19 professional negligence cases, which have been covered by a discretionary fund based on a levy on members, currently set at nil value. The service is not a substitute for insurance, but offers personally led support, legal advice and financial assistance to members at the time they need it most.

“The risk to our members of facing a claim for personal liability, in relation to a survey

or valuation they carried out believing they were covered by their employer’s PII, is significant,” says Eve Pienaar, RICS’ Legal, Governance and Procurement Director. “The damages claim could run into tens of thousands of pounds and, of course, the cost of defending such claims is material. Added to which, a finding of liability could lead to the surveyor being responsible for the costs of the other side.”

Nik Carle is a professional negligence specialist at Browne Jacobson who has represented several valuers facing such claims. He explains that because so many surveying businesses became insolvent as a result of the global downturn, there has been a spike in personal liability cases against individual RICS members. “Generally, these claims have attempted to stretch Merrett v Babb beyond its limits but, to date, none have succeeded.” It is to be hoped that the successful defence of these recent cases will deter claimants from looking to sue employed surveyors personally in the future.

Property valuation remains a highly sensitive activity, and complying with RICS Valuation Standards and ethics can help mitigate the risk of valuations being challenged in court. But members who find themselves being sued and have no access to PII protection should be reassured of the help available to them through the MSS. n

FOR MORE INFORMATION, go to rics.org/mss

24 RICS.ORG/MODUS

Middle

East

Africa

OUTWARD INVESTMENT IN

2014

South

America

2.719

3.811

Asia-

Pacific

65.915

53.853

North

America

71.102

37.383

179

380

14.326

495

Europe

62.269

106.095

INWARD IN

VESTMENT IN 2014

1985

1425

2000

Number of sovereign wealth funds

77

2015

Controlling total assets worth

$7.071bn

WORLD’S TOP 15 LARGEST INSTITUTIONAL INVESTORS IN REAL ESTATE

ASSET CLASSES FAVOURED BY INDIVIDUAL REGIONS IN 2014 (%)

57.8

37.4 37.4

32.732.532

18.917.1

17

26.5

25.6

22.522

42

UNITED ARAB EMIRATESAbu Dhabi Investment Authority

NETHERLANDSAPG – All

Pensions Group

NETHERLANDSPGGM

QATARQatar Investment

Authority

GERMANYAllianz

Real Estate

CANADAIvanhoé

Cambridge

CANADACPP

Investment Board

CHINAChina Investment

CorporationSINGAPORE

GIC

USTIAA-CREF

USTeacher

Retirement System of Texas

19ITALY

Assicurazioni Generali

USCalifornia

State Teachers’ Retirement

System (CalSTRS)

USCalifornia Public

Employees' Retirement

System (CalPERS)

SOUTH KOREASamsung

Life Insurance

Current allocation ($bn)

FOLLOW THE MONEY

The world’s 15 biggest institutional investors control between them assets totalling $4.78tn

State-backed, institutional investors in real estate are on the rise. Who are the big players and where are they splashing their (countries’) cash?

9% = $440bn invested in property

KEY Office Retail Industrial Residential Hotel Development site

Total assets held by top 25 countries investing in real estate $12.9tn

6.5% = proportion of that total invested in property, or $831bn

TOP 10 CITIES FOR INSTITUTIONAL INVESTORS, 2014Investment ($m), proportion from overseas (%)

LONDON 44.380 73.7

NEW YORK 35.929 47.8

TOKYO 30.283 36.7

PARIS 22.128 60.8

LOS ANGELES 17.452 38.4

BOSTON 14.075 46.3

CHICAGO 13.470 34.6

WASHINGTON 13.143 53.8

SAN FRANCISCO 12.475 60.6

SYDNEY 10.458 53.2

Africa

51

40

5 4

North America

43

10810

21

8

South America

33

3

12

17

34

Europe

47

2

22

107

10

Middle East

42

1

43

13

Asia-Pacific

52

6

3343

10

€M

Source: SWF Institute; Preqin

Source: JLL

Source: Cushman & Wakefield/Real Capital Analytics

Source: Cushman & Wakefield/Real Capital Analytics

Source: Preqin

Data Katie Puckett Illustration LaTigre

APRIL 2015_MODUS 25

Investment

Middle

East

Africa

OUTWARD INVESTMENT IN

2014

South

America

2.719

3.811

Asia-

Pacific

65.915

53.853

North

America

71.102

37.383

179

380

14.326

495

Europe

62.269

106.095

INWARD IN

VESTMENT IN 2014

1985

1425

2000

Number of sovereign wealth funds

77

2015

Controlling total assets worth

$7.071bn

WORLD’S TOP 15 LARGEST INSTITUTIONAL INVESTORS IN REAL ESTATE

ASSET CLASSES FAVOURED BY INDIVIDUAL REGIONS IN 2014 (%)

57.8

37.4 37.4

32.732.532

18.917.1

17

26.5

25.6

22.522

42

UNITED ARAB EMIRATESAbu Dhabi Investment Authority

NETHERLANDSAPG – All

Pensions Group

NETHERLANDSPGGM

QATARQatar Investment

Authority

GERMANYAllianz

Real Estate

CANADAIvanhoé

Cambridge

CANADACPP

Investment Board

CHINAChina Investment

CorporationSINGAPORE

GIC

USTIAA-CREF

USTeacher

Retirement System of Texas

19ITALY

Assicurazioni Generali

USCalifornia

State Teachers’ Retirement

System (CalSTRS)

USCalifornia Public

Employees' Retirement

System (CalPERS)

SOUTH KOREASamsung

Life Insurance

Current allocation ($bn)

FOLLOW THE MONEY

The world’s 15 biggest institutional investors control between them assets totalling $4.78tn

State-backed, institutional investors in real estate are on the rise. Who are the big players and where are they splashing their (countries’) cash?

9% = $440bn invested in property

KEY Office Retail Industrial Residential Hotel Development site

Total assets held by top 25 countries investing in real estate $12.9tn

6.5% = proportion of that total invested in property, or $831bn

TOP 10 CITIES FOR INSTITUTIONAL INVESTORS, 2014Investment ($m), proportion from overseas (%)

LONDON 44.380 73.7

NEW YORK 35.929 47.8

TOKYO 30.283 36.7

PARIS 22.128 60.8

LOS ANGELES 17.452 38.4

BOSTON 14.075 46.3

CHICAGO 13.470 34.6

WASHINGTON 13.143 53.8

SAN FRANCISCO 12.475 60.6

SYDNEY 10.458 53.2

Africa

51

40

5 4

North America

43

10810

21

8

South America

33

3

12

17

34

Europe

47

2

22

107

10

Middle East

42

1

43

13

Asia-Pacific

52

6

3343

10

€M

Source: SWF Institute; Preqin

Source: JLL

Source: Cushman & Wakefield/Real Capital Analytics

Source: Cushman & Wakefield/Real Capital Analytics

Source: Preqin

BRIDGE THE GAP

APRIL 2015_MODUS 27

Private finance

After enduring arguably its worst period in modern history, the global economy finally seems to be on an – albeit precarious – road to recovery. But national governments, keen to see money flowing back into their

countries, are now facing a further obstacle: a chronic infrastructure deficit that threatens to hold back their countries’ fragile recovery, both in mature and emerging markets. A recent report by consultant McKinsey & Co estimates that a mind-boggling $57tn (£37.36tn) will be needed to finance infrastructure development worldwide through to 2030. It is no wonder, therefore, that governments are finding PPPs (public-private partnerships) an increasingly enticing proposition to help kick-start non-existent or under-funded services or replace ageing schemes.

The benefits of this model do not stop at a much-needed cash injection from the private sector. Often overlooked is the coming together of all the key stakeholders very early in the procurement process, says Dr Martin Haran, senior research fellow, Built Environment Research Institute, Ulster University. “Unlike more conventional contracts, it enables a lot of issues, barriers and misunderstandings to be ironed out quickly and establishes clarity of vision and continuity as to what is required.”

Then there is the preservation of the value of the asset in question with the introduction of asset life-cycle maintenance. “In any time of financial squeeze, one of the first things to go is often your maintenance budget, so the value of your asset diminishes,” comments Haran. “PPP has a built-in asset maintenance schedule, so over the 25- or 30-year concession period, depending on individual contracts, you have an asset that will be preserved.”

Critics, however, argue that no value is created when the fees paid back to private companies over the term of a PPP contract end up vastly outstripping the cost of construction – even taking into account maintenance schedules.

Ultimately, PPP is about the ability to transfer risk from the public sector to a private sector that is better able to manage it, says Professor David Eaton MRICS, professor of construction economics and finance at the University of Salford. Research commissioned by RICS and carried out by Ulster University in 2013 found that tangible infrastructure assets that are able to offer stable and strong returns over a sustained period of time have actually become more appealing to institutional investors still smarting from the global downturn. However, the report adds that the sporadic nature of infrastructure construction activity since 2007 is a “disincentive for institutional investors” and “further fragments the flow of new infrastructure projects”. »

Public-private partnerships are gaining in popularity as cash-strapped governments attempt to plug a $57tn hole in global infrastructure spendingWords Dean Gurden

Private finance

GAP

28 RICS.ORG/MODUS

Private finance

The Ohio River Bridges Project in the US is constructing two river crossings between Louisville in Kentucky and the neighbouring state of Indiana. The outcome of the project might finally provide conclusive proof for those arguing over the relative merits of PPP and conventional infrastructure contracts. But they will have to wait.

One of the bridges is being built by the state of Indiana using a PPP finance model – which its legislation allows – while the other bridge is being built by Kentucky, using a conventional contract.

“It’s been a real problem comparing PPP and non-PPP projects, as no two projects are quite the same and there are always different factors at play,” admits Keith Perry, head of lenders and investors at EC Harris. “So this is shaping up to be an interesting experiment.”

With the costs of the individual bridges lumped in with other associated builds, it is difficult to make a comparison of initial figures. But after starting as a conventional contract, the Indiana bridge changed to a PPP, established construction savings of

$225m and shaved eight months off its completion date, according to Indiana’s Department of Transportation.

However, we will have to wait a tad longer for a true comparison. The PPP bridge includes a 35-year maintenance and operating agreement, which has been taken on by WVB East End Partners. So the question is whether the bridge will cost less to maintain, be in better condition and represent better value than its neighbour at final handover. Watch this space – for 35 years.

One river, two projects, two models and one winnerCASE STUDY

To assess how effectively PPP has been harnessed to date, all eyes tend to shift to Canada. The Canadian model is often held up as an exemplar of efficiency and expediency, and it has clearly excelled in streamlining and foreshortening the length of time from initiation of project through to sign-off. In the UK it can take up to 36 months, whereas Canada has it down to 14-18 months. “Fundamentally this is about skills,” says Professor Alastair Adair FRICS, pro-vice-chancellor at Ulster University. “PPP is all about marrying up different skills, such as procurement, onward maintenance, project management and the finance expertise in how you price and transfer the risk.

“In the UK, all of these skills tend to sit in separate silos. Once you combine them, you have a fundamentally different animal, and RICS members are unique in being able to cross over these different silos. Canada has been very successful in bridging these skills silos. It’s not that the UK can’t do it, it’s that these large projects are bedevilled by political risk, as changing governments keep moving the goalposts.”

In part, Adair is referring to the UK government’s acceptance a couple of years ago that its PPP model needed reforming, which caused activity to stall as a period of uncertainty and adjustment followed. Despite this, figures from the European PPP Expertise Centre show the UK still has the largest PPP market in Europe, followed by Turkey and Belgium in terms of value, and Germany and France by deals.

Elsewhere in Europe, it will be interesting to see how Greece’s newly elected government – led by the far-left Syriza – tackles the existing PPP landscape. The previous administration returned to PPPs last year in the belief that the model can play an important role in stimulating its economy and improving its public infrastructure, and the country now has a strong pipeline of projects. That said, the recently appointed and Syriza-aligned governor of Attica, Rena Dourou, has already attempted to block four large waste management initiatives that were at their advanced planning stages, so Syriza majority leader Alexis Tsipras will need to act fast to dispel any nervousness among private investors.

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RAISED EXPECTATIONS

Phase one of the Hyderabad metro opens this month.

India has become

increasingly reliant on

PPP to fund rail projects

(previous page)

FINE LINEVancouver’s Canada Line

was built under a PPP contract. The line opened

in 2009, 15 weeks ahead of schedule

(right)

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APRIL 2015_MODUS 29

PROF ALASTAIR ADAIR FRICS Ulster University

llPPP is all about marrying up different skills … and RICS members are unique in being able to cross over these different silosll

In the US, president Barack Obama also believes the country can build its way to recovery through large-scale infrastructure projects. He used his recent State of the Union address to again urge legislators to focus their efforts on roads, bridges, rail and high-speed web access and the incumbent administration has committed a significant amount of money to infrastructure projects with the express aim of stimulating the economy during the recession.

As Keith Perry, head of lenders and investors at EC Harris, says: “Everybody has been waiting for the US to get going, especially after Obama’s first term when he talked about addressing its infrastructure needs.” Despite federal investment, figures from the American Society of Civil Engineers in 2013 indicated that getting the job done would still cost in the region of $3.6tn (£2.36tn). Although partnership-based procurements are beginning to gain traction in the US, they need to be embraced more fully if its huge funding deficit is to be met.

“It has taken the US a long time to get their legislation right,” Perry explains. More than 30 states have now enacted PPP legislation, but it is still relatively untested. “It’s generally believed that PPP activity will soon start to happen with some sort of scale,” he adds, “but people tackling the US with all its individual states will need to have a strategy – are they going by sector and looking for similar projects, or by states where they understand the drivers and players?”

Where PPP could be at its most effective is in developing nations that are having to create vital services from scratch – on a national level. India’s economy might have been steadily growing, but to sustain that growth it desperately needs to develop its infrastructure in areas such as telecommunications, health, education, energy, water, urban transport, roads and ports.

Admittedly, India has its work cut out. A 2013 Deloitte report indicates a private sector injection of around $100bn (£65.7bn) is required between 2012 and 2017 to fill its funding gap. And although the world’s largest PPP is constructing the Hyderabad Metro, last year highways minister Nitin Gadkari signalled that the government would return to state-funded

roadbuilding in the short term, citing weaknesses in its PPP framework and less appetite for risk from investors.

It should be noted, however, that PPPs are certainly not suited to all projects or to all countries. In the UK, the model was heavily relied upon by the Labour government from 1997, often on schemes for which it was not, economically, the best solution. Take the Princess Royal University Hospital in Bromley, built for the South London Healthcare Trust by a private consortium in 2003. It cost £118m to build, but the payback over the 35-year term of the contract was estimated to be £1.2bn. The trust’s repayments became so crippling that, by the time it succumbed to administration in 2012, it had run up debts of more than £150m.

Arguably, hospitals need to be rapidly evolving institutions to take account of improvements in technology, and not bound by protracted and complex legally binding contracts. However, when applied to slow-changing technology or projects with reliable past histories, PPPs are genuinely viable funding mechanisms, Eaton insists: “Roads and bridges are really good because we’ve been building them for 2,000 years and they don’t really change a great deal. Projects that are long lasting and don’t have radically changing requirements are very suited to PPP, because you’re making predictions that are often 30 years into the future.”

Where PPPs are applicable, governments should be making them as attractive as possible to private investors. According to RICS’ research, this can be achieved by “removing the perceived political risks associated with PPPs, namely around a lack of visible long-term government commitment to funding … The introduction of transparent project pipelines can also attract private investment as it provides a clear view of future projects and reinstates government commitment to infrastructure investment.”

As a funding solution, PPPs may have become increasingly attractive to governments. Now it is their turn to make them as attractive to the private sector. n

READ THE REPORT: The Global Infrastructure Challenge: the Role of PPP in a New Financial and Economic Paradigm at rics.org/ppp

STATE OF PLAYIndiana is

constructing the Ohio River’s

East End Crossing

(above) using PPP, while

Kentucky builds a second bridge

downstream using a

conventional contract

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The Code of Measuring Practice gets an update this

month to reflect IPMS for offices. Modus finds out why

the international standard should be adopted industry wide

Words Cherry Maslen

s part of an international coalition of more than 60 professional organisations, RICS last year participated in the launch of the first

ever international property measurement standard, IPMS: Office Buildings. The standard will be the first internationally

adopted system for measuring office property and will ensure consistency and transparency in the way information is collected.To bring RICS best practice in line with IPMS, its Code of Measuring Practice

(sixth edition) is being revised to include the Professional Statement for the Measurement of Office Buildings. The statement is due to be published this month,

following a consultation with RICS members. “This is evolution not revolution,” says Alexander Aronsohn, RICS’ Director of Technical International Standards.

“The existing Code of Practice is still the most well-known guidance on measurement standards. We expect a period of dual reporting from members as we move towards IPMS.” Following IPMS: Office Buildings, similar agreements and consultation will follow

for residential, industrial, retail and mixed-use measurement standards. Although these standards have been created internationally, they are delivered locally, and RICS will work

with members and their stakeholders to support the transition to the new paradigm. Modus sought some perspectives on what benefits their adoption would bring.

A

Professional

TINA PAILLET MRICS HEAD OF UK AND NORTH AMERICA, GENERALI REAL ESTATE

From an investor’s standpoint, it’s important to have measurement benchmarks to make sure we’re not over- or underestimating value. We may simply want to know the price per square foot, but so many variables are derivatives of the surface area measurement, such as rental values, tax rates and capital expenditure.

Comparisons between different countries and cities can be difficult. For example, in multi- tenanted buildings in France, each tenant will pay rent pro-rata for all common areas, which are part of the building’s lettable area. In the City of London, no matter how big the lobby, it won’t be included in the lettable area.

In France, several systems for measuring a building can apply simultaneously. There is one for the planning permission process, another for the leasable areas, and yet another to calculate the amount of tax owed. There is also a different method of calculation depending on whether the space is office or retail.

Even within the same city there can be different systems. One way we try to solve inconsistencies is by taking comparables from the same geographical sub-market, based on the idea that there is consistency within that location – although there are exceptions, such as where the full leasable value of a building was being applied even to the parking levels.

An international standard is important for investors but even more important for end users. They need to know what they are paying for to be able to calculate their comparable area usage and cost per workstation. The future of IPMS will be driven by the end user.

PAUL BENNISON FRICS HEAD OF ASSET MANAGEMENT, GLL REAL ESTATE PARTNERS, MUNICH

We manage property portfolios at asset level worldwide, including in North America, South America and Europe. We use the measurement standards established in the UK by RICS and in the US by BOMA, along with the German standard, GIF. In addition, local standards also exist in many countries. In Spain, for instance, the local standards allow you to take parts of the roof into the measurement for letting space if there are terraces.

Even within the same city, properties can be measured using different systems, some using RICS, others BOMA and some with the local system. Obviously, assessing which buildings are the most efficient becomes very difficult.

As the real estate investment business becomes more and more global, the need for an international standard is increasing. Once we have an internationally agreed system in place, we will only need to use that one building measurement system for global property portfolios.

It is a problem for tenants as well as investors. They ask, “Why do I need different amounts of space for the same number of employees?” It doesn’t mean any of the measuring systems are wrong, just different, often because of the type of properties that developed in that city or country historically.

IPMS is a very big step for all of us working on a global scale. It is impossible to remeasure everything overnight so, naturally, it’s going to be a long process. But once it has begun it will hopefully pick up its own momentum. »

MARC MOGULL FRICS MANAGING PARTNER, BENSON ELLIOT CAPITAL MANAGEMENT, LONDON

There are two problems with inconsistent property measuring. One is the differences between countries, the other is lack of standardisation within a country. Even with established standards such as those used by BOMA (Building Owners and Managers Association) in the US and RICS in the UK, we still need to translate between those two systems.

The bigger issue is countries where there are either no standards or where the standards are not enforced. The inability to pin down how a building is measured is a risk that affects the letting strategy. How do we predict revenue streams? Risk drives pricing and uncertainty is always going to raise the cost of capital.

The lack of an international standard is a particular challenge for investors in emerging markets, which already have multiple layers of investment risk. No prospective investor will take lightly the possibility that a building could expand or contract because of how space is measured. You could go to sleep with a building of 12,000 m2 and wake up to find it’s only 10,000 m2. Emerging markets need to make it easier, not harder, for international investors.

One way to tackle inconsistencies is to become local, but this kind of commitment just raises the investment bar higher, becoming another barrier to market entry. Investors want diversification in their portfolios, but don’t want to be deeply rooted in every market in which they buy one or two properties.

If we’re going into a market in which one of our principals doesn’t have prior experience, then we need an IPMS. If the seller of a building says it’s 20,000 m2 and the IPMS says it’s 15,000 m2, then we have a useful reality check. As markets internationalise, the ability to rely on measurement models becomes increasingly important.

APRIL 2015_MODUS 31

32 RICS.ORG/MODUS

Xxxxxxxxx

DAMIAN HARRINGTON MRICS Colliers

llIPMS provides a unifying standard to which all other systems relate. The critical step is for valuers and practitioners to understand, adopt and embrace this initiativell

ROB JACKSON RICS DIRECTOR FOR MIDDLE EAST AND NORTH AFRICA

Inconsistency in measuring standards exists between countries globally, but in Dubai it is prevalent even within a single market. Dubai’s real estate market is growing and maturing at a rapid pace and there are property professionals working here from every corner of the globe. In the absence of a rigidly enforced government standard, many of these professionals follow the dominant standard from their own country. This means that an international measuring standard is extremely important.

In recognition of this, the Dubai government was the first in the world to adopt IPMS. This will improve transparency by ensuring consistent space measurements are used for valuations, and will also benefit Dubai’s rental index. The index is based on a price/ft2 for different zones of Dubai and was introduced to protect the public from unfair rental increases in periods of rapid growth. We have seen examples of landlords selecting measurement standards that provide larger “apparent floor spaces” so they can apply a higher total rental value.

RICS is also involved with numerous disputes and legal cases between vendors and buyers, in which the property sizes are reported with undisclosed standards or methods of measurement. In many cases the buyer ends up with a property that has different floor spaces to those reported in the documents. Improved measurement practices will help deliver trust and confidence and help secure sustainable funding to drive the market forwards.

Implementing IPMS may present challenges, but I have yet to meet a stakeholder who is not in favour of it. It is expected that Dubai will lead the implementation of IPMS in the GCC (Gulf Co-operation Council). The Emirate of Ajman is introducing IPMS and we have had productive meetings with representatives of member states such as Saudi Arabia and Bahrain. n

DOWNLOAD IPMS: Office Buildings, from ipmsc.org/office

DAMIAN HARRINGTON MRICS REGIONAL DIRECTOR OF RESEARCH, EASTERN EUROPE, COLLIERS INTERNATIONAL

Understanding the differences in measurement standards between countries and markets is critical, especially considering the surge in fresh capital being invested in commercial real estate, in some cases by those new to the sector. It has been pointed out by RICS that current global measurement inconsistencies can create a 24% difference in valuations between markets.

Within central and eastern Europe, there are clear differences in measurement standards. Bulgaria has its own state standard (BDS), which almost corresponds to net internal area, although there is no generally accepted measurement practice in place for retail. Russia and Ukraine use either their own BTI measurement practice to calculate lettable areas, or default to BOMA standards, depending on the property. In Slovakia, gross internal area measurements vary by developer. In addition, there are often very different interpretations of these methods to calculate what is effectively the net lettable area. So creating comparability across markets can be a real challenge.

With this in mind, RICS’ initiative to unify standards has positive implications for both investors and occupiers. Prior to consultation, there were fears that the adoption of IPMS could mean an immediate loss in the value of an asset for landlords, or for occupiers the prospect of paying more rent for exactly the same space.

The new approach, however, provides a unifying standard to which all other systems relate. The critical step is for valuers and practitioners to understand, embrace and adopt this initiative, as it will help create greater transparency for both owners and occupiers.

3 4 RICS.ORG/MODUS

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the us housing MArket hAs reBounded froM the 2008-2011 downturn, although neither sales nor prices have returned to the frothy levels of the earlier boom. That suggests opportunities may still exist for cautious international investors to meet their particular goals, says RICS economist Michael Hanley. “There should be the potential for some steady growth in prices in the years to come, which may appeal to certain types of investor.”

Sales of existing US homes totalled 4.93 million in 2014, reports the National Association of Realtors (NAR), a trade group that represents US estate agents. That figure represented a 3.1% drop compared with the 5.09 million homes sold in 2013, but the recent year ended on a high note as December 2014’s annualised pace of existing home sales exceeded the five-million mark for the sixth time in seven months. Historically, existing home sales peaked at 7.08 million in 2005, then dropped to the low-four millions annually in 2008-2011.

Sales of newly built single-family homes totalled 435,000 in 2014, data from the US government show. That figure has climbed from the low of 306,000 homes sold in 2011, but is still less than half the million-plus sales recorded annually from 2003-2006. Newly built homes also got a year-end boost, rising to an annualised figure of 481,000.

International buyers have contributed to the housing market rebound, says the NAR, purchasing $92.2bn (£60.54bn) of US property from April 2013 to March 2014 – a 35% increase from the $68.2bn (£44.78bn) they spent in the same period a year earlier.

As of November 2014, prices in 29 of the 50 US states – and Washington DC – were at or within 10% of their peak during the boom, reports global property information company CoreLogic.

Family fortunesSales of new US single-family homes hit their highest level in more than six years in 2014 and many industry commentators expect this sector to drive construction activity in 2015 (1)

Ocean driveAfter years of inactivity, Chinese developer Oceanwide Real Estate Group starts construction this year on Fig Central, a mixed-use scheme in downtown Los Angeles with 504 apartments (2)

AMERICA’S HOMECOMING

1

A cautious optimism has returned to the US housing market. Marcie Geffner reports

2

APRIL 2015_MODUS 35

“Given historically low mortgage rates and a gradual easing of lending standards, our forecast calls for a 5.8% increase in total home sales for the year,” chief economist Doug Duncan announced in Fannie Mae’s January 2015 Economic Outlook. “Most of that is likely to come from growth in existing home sales, but we expect the rising share of new home sales to lead to a healthy increase in single-family construction of about 19%, or 765,000 units.”

The National Association of Home Builders (NAHB) also expects sales of newly built homes to continue to rebound: “We can expect this momentum to continue into 2015 with the release of pent-up demand, particularly as existing homeowners are trading up,” NAHB chief economist David Crowe said in the week after the Fannie Mae announcement. Trading up is important because few builders offer entry-level houses, called “starters” in the US. Instead, most new houses are built for the high-end, luxury market.

One wild card is the US Federal Reserve, which has helped to maintain the low mortgage interest rates that have stimulated home-buying activity. If the Fed raises its benchmark rate in a dramatic or unexpected way, that could disrupt the housing recovery.

What is hoped for by many is a more measured and gradual approach to higher rates – if rates must rise at all. A PNC Bank report published in January observed: “Mortgage rates remain near historic lows, loans are becoming easier to obtain, and the Obama administration has loosened some lending restrictions. The solid labour market recovery will boost confidence and spur housing demand.”

International investors cannot ignore the outlook for the US dollar over the time horizon for their investment, even though the dollar’s value at any future point in time is nearly impossible to predict.

“The fact that the dollar’s value is currently around the level it has been in non-recession times over the last 25 years may indicate that it is not far from fair value,” Hanley suggests. “The investment decision can focus more on the fundamental drivers of prices over the investment horizon.” n

-14%

-4.4%

EMEA

-8% AMERICAS

+22%ASIA-PACIFIC

RIO DEJANEIRO

NEWYORK

PARIS HONGKONG

MOSCOW DUBAI TOKYOSYDNEY LONDON SHANGHAI

No change

+86% +58% +39% +25% +18% +5% 0%

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10%

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+8.9%+16% +15.7%

+10.4%+5.2%

$50-$100K $100-$250K $250-$300K $500-$750K $750-$1M $1M+

-5% -23%-16%

“While much of the strong price growth of 2012-2013 is likely to have been some sort of ‘catch-up’ effect following the downturn, the outlook for 2015 will rely more on fundamental demand and supply dynamics,” says Hanley. “Investors shouldn’t expect the growth rates of recent years.”

One US housing market constraint has been a low supply of for-sale homes. Speaking at a press conference in January, NAR chief economist Lawrence Yun said a further drop in the for-sale housing inventory in December had raised concerns.“Minimal selection and the potential for faster price appreciation could offset the demand from buyers encouraged by a stronger economy and sub-4% interest rates.”

Construction starts reached an annualised rate of 728,000 in December, according to the US government – a modest pace by historical standards. Meanwhile bank foreclosures, which flooded certain markets with distressed and discounted homes during the housing crisis, plummeted 64% from the peak in September 2010 to just 41,000 nationally in November 2014, CoreLogic reported.

Housing experts might be described as cautiously optimistic. US economic growth is expected to “accelerate modestly” this year and “drag last year’s unspectacular housing activity upward,” forecasts Fannie Mae, a government- controlled secondary mortgage market company. Broader US economic strength, a stronger jobs outlook and higher wages could help to strengthen housing activity.IM

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MID-MARKET DEMANDAnnual change in sales of single-family homes shows strongest growth in mid-market sector (year ending 2014)Source: National Association of Realtors

LONE STARColorado experienced the strongest growth of any US state last year, buoyed by the success of Denver suburbs such as Lone Tree, where tax breaks have led to an influx of new businesses and young professionals

National Association of Realtors Trade association that provides research, legal advice and training realtor.orgNational Economic Outlook Report published by PNC Bank on forecast for US economy in 2015 bit.ly/PNC_Jan2015US Department of Housing and Urban Development Government resource covering residential market hud.gov

Home Price Index Report published by CoreLogic on US housing market bit.ly/corelogic_2015indexHouses sold by region Historic data from the US Census Bureau bit.ly/UScensus_housesalesEconomic & Housing Outlook from Fannie Mae’s Economic & Strategic Research Group bit.ly/fanniemae_eho

REFERENCE POINT REPORTS AND RESOURCES

Briefing

BY NUMBERS

36 RICS.ORG/MODUS

MORE THAN MEETS THE EYE

MULTIPLE COMPLICATIONSThe project presented challenges that Bruntwood had encountered before but not in one project: working in a partnership, EU funding restrictions, and the listed building

when MAnchester’s royAl eye hospitAl opened in 1886, vaccination was the cutting edge of medical technology. More than a century later the building has a new role as the Citylabs biomedical research complex, which will help develop the life-saving treatments of tomorrow.

The £25m project is a combination of Victorian and space-age. The frontage on to Oxford Road has been retained and restored, along with around 270,000 ft2 (25,000 m2) of the original grade II-listed structure. Behind it, linked to the Victorian building by an atrium and a series of bridges, lies a high- spec, 67,275 ft2 (6,250 m2) research facility.

Citylabs lies within the Corridor, a 600 acre (243 hectare) zone that runs south from the city centre, which Manchester City Council has designated as a growth area for knowledge-based businesses. It is home to the University of Manchester, Manchester Metropolitan University and the Central Manchester University Hospitals NHS Foundation Trust, which vacated the

Behind the retained Victorian facade of a former Manchester hospital lies Citylabs, a state-of-the-art medical research and development facility. Stuart Watson reports

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Developer Bruntwood, Manchester Science Partnership Quantity surveyor Sweett Group Architect Sheppard Robson Contractor Lend Lease Planning consultant Deloitte Real Estate Structural engineer Arup

APRIL 2015_MODUS 37

Case file

building in 2008 after the eye hospital relocated to another site on the campus.

The trust secured European Regional Development Fund (ERDF) money to part-finance the redevelopment of the property and in September 2010 appointed a joint venture between family-owned property company Bruntwood and Manchester Science Parks (now Manchester Science Partnership) to develop the scheme. Medical research firm Icon Development Solutions signed a 40,000 ft2 (3,700 m2) prelet in 2012.

Rob Elsom MRICS, development surveyor at Bruntwood, recalls: “The trust was keen to see medical-related uses and the ERDF grant funding that was required to make the scheme commercially viable said that a proportion of the building needed to be made available to small companies in the biomedical field. Those were perceived to be restrictions at the start, but once we understood the location we realised that [the scheme was] absolutely perfect for medical-related companies.”

OLD MEETS NEWThe building’s wings were demolished to accommodate tenants’ needs. An atrium connects the retained Victorian space with the new facility

CLEAR VISIONArchitect Sheppard Robson created a BREEAM Excellent-rated design in which the external cladding mirrors the brickwork of the retained structure

HEALTH CHEQUEThe European funding required to make the scheme commercially viable stipulated that a proportion of the building be made available to small biomedical companies

The project team included Sheppard Robson as architect and Sweett Group as quantity surveyor. “We work on lots of listed buildings, so we knew there would be a lot of unknowns,” says Rob Sale MRICS, senior director at Sweett. “Once we’d selected Lend Lease as lead contractor, we did a lot of investigation and survey work with them to define the scope and eradicate the risk before procuring the various work packages.”

The challenge facing the development team was how to preserve the listed structure while meeting the exacting demands of prospective tenants in the medical research sector. Icon’s requirements could not be satisfied within the existing building envelope so it was agreed with city planners and English Heritage that the wings at the rear of the building could be pulled down to make more room for new construction.

“For the planners to allow us to take down the wings, the new build had to be of a high-quality design. The architect came up with an external veil, which is a modern

interpretation of the existing brickwork,” says Bruntwood project manager David Ward. “There was a lot of work done to weave together the modern and existing space in a sensitive way.”

Once the wings were demolished, it became clear that the rear wall was in a poor condition and would also have to go. Because the retained historic building was so narrow, it was held up by a structural scaffold until the new building was able to support it.

Citylabs’ new element houses laboratories and research and development facilities, while the refurbished Victorian building provides more conventional office space. The combination has proved popular with tenants. The property was completed in June last year and is now 75% let. Elsom predicts that it will be fully occupied by this summer.

Not only has a disused listed building been rescued, but because of Citylabs’ position in a centre of medical excellence, it now has a use that could sustain it for another century. nIM

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Offering recruiters large savings in time and money, it is no surprise that video-based interviewing is becoming more popular. Research by equipment provider Office Team found that 49% of HR departments will use it in some form by the end of this year.

But while many recruiters might love video interviews, candidates will need to find new skills to replicate the firm handshake, confident composure and likeability that a face-to-face meeting reveals instantly.

“Ninety percent of communication is non-verbal,” says James Campanini, vice-president at video conferencing service BlueJeans. “In videos, people can forget this, so we advise them to over-do mannerisms and hand-signals.”

Among the built environment employers who use video interviewing is student accommodation provider Unite, which works with the Needle Online, a provider of a so-called ‘‘asynchronous” (non-live) video interview app. Candidates answer fixed questions via their computers or Apple devices and submit a finished video. But candidates will need to make sure that they understand how the systems they might be expected to use work, because it will impact their approach. The Needle Online, for example, lets candidates rerecord an answer if they make a mistake. HireVue, on the other hand, sets its system up so candidates have to do their interview in one take – to maintain the sense of adrenalin rush that an interview should have.

Nicola Mossman, HR director at candidate due diligence firm Hire Right, comments: “Live interview candidates often

forget they should look directly into the webcam lens, rather than look at the pop-up of the interviewer on their screen. Otherwise, from the interviewers’ perspective, we can’t see them directly.”

At the end of the day, though, a video interview is still an interview, and experts agree many of the traditional rules apply. Tom Stroud, managing director of video interview platform Tazio, says: “If people treat the importance of a video interview the same as a face-to-face one, they can’t go too wrong. This means still getting dressed properly – it gives the right look, but also puts you in a professional frame of mind – and keeping answers concise.”

However, he adds: “Sometimes virtual interviews are much more specific in their questioning, because there’s not the preamble you often get sitting in front of someone. So, it’s worth being prepared for that, and having to answer questions in a more succinct fashion.”

Generally speaking, recruiting employers will want to see the best in people, so interviews should always be seen as an opportunity to demonstrate the real you. Some might say that video interviews inevitably dilute this, by not allowing candidates to reveal the same person that others see in the flesh, but if there is one advantage they do have, says Campanini, it is this: “I’ve lost count of the number of times candidates regret not saying a key fact, or forget to mention a pivotal skill. With video, you can at least fill your computer screen with Post-it notes containing aides-memoire that you can refer to discreetly as the interview progresses. Done well, the interviewer hundreds of miles away will never know.”

VIDEO NASTIES

01 Don’t just show yourself from the shoulders up. Try

sitting further back to give interviewers

the chance to see more of you and

your movements. 02 Some people still

hold their tablet device in their hands rather than fixing it

to something that doesn’t move.

Camera shake is off-putting, so place

the device somewhere stable. 03 If the technology does fail –

such as the app or website crashing, you need to be prepared for what you might do. Employers will be looking to see how you deal with

this as an indicator of working under pressure.

FoundationsCareers / Business / Legal / Training

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For further careers advice, go to rics.org/careers, and for the latest jobs, see ricsrecruit.com

NEXT MONTH: STAYING MOTIVATED

SCREENING PROCESSCAREERS Video interviews make recruiting easier for employers, but how do they change the game for candidates?

APRIL 2015_MODUS 39

Foundations

As is often the case with surveyors, my introduction to the property world was through my family. My father built the Broadwalk Centre in Bristol and was a developer of supermarkets, back in the late 1960s. His work looked interesting and enjoyable, so I took a degree in land economy at the University of Aberdeen.

In 1995 and fresh out of university, I couldn’t have asked for a better start. I got a job in London as an assistant to the senior partner of Healey & Baker, Paul Orchard-Lisle FRICS, who was an RICS past-president. This gave me a firm grounding in all aspects of a chartered surveyor’s work. After taking the APC at the firm, I became an RICS member in 1997. A year later, I moved to Paris to join the international investment team at Healey & Baker, which later merged with Cushman & Wakefield.

Make the most of sunlight Supplement conventional lighting with light tubes, or “sun pipes”. These devices use reflective materials to channel natural light into buildings.Harness rainwater Install catchment devices to use rainwater for flushing toilets or watering plants. This also reduces storm-water run-off from your building and can protect natural water flows.Control your space The days of the thermostat on the wall are numbered with the arrival of intelligent software and devices, such as Nest, that adjust controls according to actual and real-time building use. Many of these systems can be controlled via smartphone.Reduce car use Incentivise car-sharing schemes for employees, or consider investing in hybrid or electric vehicles for business-related journeys.Engage with the local community Consider solar panels installed on behalf of community energy groups, or for the ultimate in people power, you could even generate electricity from footsteps with systems such as PaveGen.

Graham Taylor MRICS is a building consultancy director at JLL in Birmingham. jll.com

COUNTRY HEAD, FRANCE, SAVILLS, PARIS

MY WAY

Will Woodhead MRICS

HAVE A GREENER OFFICE

HOW TO

“It was pretty tough in the first six months, but jumping in at the

deep end like that really was the best way to learn to speak French”

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I didn’t really need to learn French in the early years in Paris, but when I moved to Howard Ronson Organisation (HRO) in 2000 as a senior development surveyor, everyone had to speak French. This was pretty tough at first, but jumping in at the deep end really was the best way to learn.

In 2007, a client and I decided to start our own company, Balzac Real Estate Investment Management, as an advisory service for overseas investors in France. We put together several deals and worked with Deka Immobilien as asset managers and learned a lot from it. Since last October I’ve been country head of Savills in Paris. My usual day consists of managing seven teams across retail and office agency, investment, property management, valuation and research. Right now, we’re looking to develop project management services, too.

When I first came out to France, there were just a hundred RICS members in the country. Now there are 10 times more. It went from something that many people didn’t quite understand, to being a qualification that nearly all French property professionals want to have. rics.org/willwoodhead

40 RICS.ORG/MODUS

Moving a business to new premises while minimising the impact on revenues is hard, especially relocating IT and communications systems with no downtime.

The traditional way of moving office involves getting broadband and telephone systems providers to manage the big changeover on the same day. Delays are common, and can be disastrous for customer service and revenues.

Steve Earwicker, relocations manager at IT infrastructure, datacentre and communications solutions provider Comtec Enterprises, has managed technology relocations for numerous companies. He says: “The main problem that is encountered by companies who are moving location is getting the new telephone and broadband connection installed. Often this means waiting while the work is completed.” He recommends calling telecoms providers well before moving and asking about the lead time they require to install lines at the new address.

Nevertheless, projects can overrun, so there is always a risk that communications lines could be down for a few days, with the risk of customer and financial losses. There are, however, ways to minimise this disruption.

Andrew Williams FRICS of Andrew R Williams and Associates, who has two staff, moved the practice from a rented office to his own premises. He says: “I chose a time close to the Christmas break when business impact would be minimal, told all my clients well in advance and

gave them our business mobile numbers in case of a break in landline phone or internet services.”

The change of business location meant the practice telephone number changed, but he retained his old office while the new one was set up, and had all calls transferred to the new number automatically.

A local IT specialist reconnected the practice’s server and five computers in the new office, and Williams asked his internet service provider to keep the connection open throughout so that it could be accessed as soon as the system was ready. “It took about a week before the new system could be used but I used my home computer to access our website and emails in the meantime,” he says, but adds: “We are now using cloud-based systems, which will make any further moves easier.”

FORECASTING CLOUDSCloud-based systems store information and data in an IT company’s data centre and users access the information through a secure connection. In theory this means that users can access their information anywhere, without needing their own servers, so office moves require only a broadband connection at the new location.

Chris Roberts MRICS, managing director at Lamberts Chartered Surveyors, found a cloud-based system made things easier when consolidating two offices into one larger one in December last year, which meant moving IT and communications facilities for 18 members of staff.

“We had already introduced a cloud- based system across both offices, so we could have just plugged the technology in at the new office,” he says. However, Roberts took the opportunity to have a faster fibre-optic connection and more powerful communications switches installed that allowed for much speedier broadband connections.

“We had to wait three months for connection but it was finished ready for the scheduled moving day,” says Roberts. “When we moved in, we plugged in our technology and it worked first time.”

The upgrade also meant the practice could switch to VOIP (voice-over- internet protocol) and ditch its traditional telephone system. VOIP systems reduce call costs and allow the same phone to be used almost anywhere. Roberts advises: “Plan to implement any IT changes well in advance so you can make sure it works before moving in.”

Kevin Meager, technical consultant at cloud telecoms specialist Olive Communications, has handled technology moves for many smaller companies. He comments: “Relying on traditional telephone system and IT providers to get everything ready on the same day is risky. Cloud-based systems mean you only need

TAKEAWAY TECHNOLOGY

BUSINESS Moving office is easy compared to the IT headaches that it brings

WHAT IS THE BEST WAY to handle a request to change an employee’s hours? To take part in future business advice columns, email editor@ricsmodus.com

NEXT MONTH: FLEXIBLE WORKING

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APRIL 2015_MODUS 41

one fast broadband connection. It can be a good solution for growing practices that need to move to bigger offices more often.”

If you do choose to take this route, Pete Hedge, director of telecoms consultant Raw Communications, warns: “Check the data connection speed at a proposed new site before deciding on it. Slow speeds can make cloud-based systems hard to operate effectively, and solving the problem with a dedicated line can cost hundreds of pounds a month.”

Hedge also recommends speaking to existing tenants to ask about the kind of real-life broadband speeds they get, and checking how well your mobile phones work in the building. If you plan to use wifi for your computers, check the signal – you may need to install a signal booster for full coverage. You should also check if the new office’s cabling and infrastructure support your practice’s systems. In the UK, also find out if it has – or is due to get – superfast broadband at dslchecker.bt.com.

RICS’ SMALL BUSINESS HUB is a space for UK SMEs, offering industry advice and toolkits. Go to rics.org/sme

Flood of claims not recedingLEGAL 101...

One year on from the cataclysmic UK floods that caused an estimated £2.5bn of damage, there are multiple ongoing legal disputes and insurance claims. Much contention has centred on whether the provisions of the Joint Contracts Tribunal (JCT) contracts entitle contractors to an extension of time to complete or to claim for direct loss or expense. It is therefore important that stakeholders are aware of the impact of severe flooding.

Can completion dates be extended because of floods? The contractor must notify the employer of “material circumstances”, as soon as delays become likely. This notification should specify the cause or causes of the delay and estimate the impact upon the contractual completion date. Only if the cause of delay constitutes a “relevant event” is the employer then obliged to grant an extension, as considered fair and reasonable.

What constitutes a relevant event? Only exceptional adverse weather conditions will automatically constitute a “relevant event” under the JCT contracts. Although not specifically defined, there is general recognition that to be considered exceptional, the adverse weather must significantly exceed, during a calendar month, the long-term seasonal average for the location.

Can claims be made for direct loss and/or expense due to floods? Under the JCT contract, a contractor may only claim for direct loss or expense if progress has been impeded by a deferment of possession of the site by the employer or by a “relevant matter”. Weather conditions, no matter how adverse, are not encompassed in the term “relevant matter” and consequently, the contractor is not entitled to additional payments for costs incurred due to adverse weather.

Is flood damage covered in the “all-risks” insurance policy? The extent of any insurance recovery will depend on the specific wording of the all-risks policy, which the provisions of the JCT contract require either the contractor or employer to maintain in joint names. Courts have, however, given guidance on the meaning of “flooding” for indemnity purposes.

Can other parties be held responsible? A nuisance claim may be brought against a neighbouring property. However, the duty of nuisance is limited to preventing or minimising a risk of damage or injury. Claims could also be made against the Environment Agency or utility companies. However, liability would be very difficult to establish, given that, as where statutory authorities are entrusted with a mere power rather than positive duty, they cannot be then made liable for failing to exercise that power.roslingking.com

■ Appoint one person to oversee the relocation – ideally not a fee-earner.■ Research the broadband speeds in prospective new offices before signing leases. ■ Decide whether to go DIY or bring in IT or office relocation specialists. If no one in the firm is that tech-savvy, the best option is to outsource.

■ Consider using cloud-based solutions for communications and storage if the broadband speeds in the new office can support it effectively. Try to change to cloud-based internet and phone solutions before the move.■ Otherwise, contact your communications provider to check if a change of business telephone number is required and the time it will take to get the new office connected.■ Tell clients about the office move in advance and offer alternative contact methods. Inform them once the move is complete.

Foundations

RELOCATION CHECKLIST

“Slow speeds can make cloud-based systems hard to operate effectively, and solving the problem with a dedicated line can cost hundreds of pounds a month”

PETE HEDGE Raw Communications

JONATHAN HYNDMANpartner, Rosling King

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The expert witness report has to be clear and concise and something that a judge can understand. For example, if you are arguing about a specific problem with a roof, the report should include a picture of the whole building, not just the roof, to set the scene for the judge. Next, set out all the facts, your interpretation of the facts, and your conclusion based on what you have reviewed.

Never forget that you have an obligation to include all information – even if it might count against you. You cannot cherry-pick

the details that only fit your case. No matter how counterproductive, it still has to go in the report. Failure to disclose this information may discredit your evidence. Also, if a mistake has been made, it must be admitted to the court immediately.

Naturally, many surveyors do not like being cross-examined, as it can be quite stressful. This means it can be a struggle to persuade people to be expert witnesses. You are treated with respect, but the court must thoroughly interrogate you to ensure your professionalism and transparency. If you are interested in the challenge, think about sitting in on a court case to get a feel for it. The experience can be very intense, and you need self-confidence, but you get a great feeling of professional satisfaction when your expertise has been relied upon.

TERRY DAVIS FRICS is director of TN Davis Chartered Surveyors. tndavis.co.uk

GoToMeetingIt is: A smartphone- or tablet-based app that allows you to make or attend a meeting from anywhere, and share items to view between attendees.It does: Taking more of your business meetings online – whether that is via a desktop

computer, tablet or smartphone – can do a lot to save you time and travel costs. By using the GoToMeeting app, you can host or join audio or video conferences between multiple users, wherever they are in the world. What else can it do? Multiple attendee video conferencing, but this function is currently only for attendees using iPads. There is also an option to “brainstorm”

ideas together on screen using the app’s highlighter and whiteboard tools. For the best audio experience, you need to use headphones with a microphone. Anyone can join GoToMeeting sessions for free, but to host your own sessions you have to register. Price: Free (in-app purchases are also available)Search: GoToMeeting at your preferred app store.

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An expert witness report is prepared when litigation has commenced or is commencing imminently. It is something that crops up in almost all aspects of surveying life. From rent reviews to boundary disputes, an expert witness may be called in for virtually any situation in which parties have fallen out. The most fundamental thing for the surveyor making the report is to be truthful and accurate, bearing in mind that the court will seek out that truth and transparency.

Expert witnesses cannot, under any circumstances, have an interest in the outcome of a case. Your fee must not be performance related – you have to be paid the same whether your side wins or not. This is critical, as you will have to sign a statement to ensure your impartiality. If you have previously worked on the same case on a performance-related fee, the court may feel you are “contaminated” and cannot be relied upon as an expert witness.

BRAIN GAIN

CAN I BE A WITNESS?

EXPERT EYERICS runs a four-day course to equip members with the knowledge, and skills to prepare and undertake the role of an expert witness. Go to: rics.org/ewtraining

SKILLS

RICS booksrics.org/shop

APRIL 2015_MODUS 43

Foundations

EVENTSFULL RICS EVENTS LISTINGS ONLINE AT rics.org/events For enquiries, call +44 (0)20 7695 1600. All prices are +VAT

››RICS IPMS seminars May–June, various locationsThis series of regional seminars is your opportunity to find out everything you need to know about IPMS: Office Buildings. The seminars will be led by expert practitioners and will combine details of the newly updated RICS Code of Measuring Practice with interactive case studies in the use of IPMS. CPD: 3.5 hours / £150 / rics.org/ipmsseminars

››APC Prep Day Scotland14 May, Stirling Court Hotel, StirlingCombining informative plenary sessions, workshops and a mock interview, the day offers comprehensive guidance on the final assessment of professional competencies. Bringing together key figures including APC doctors, assessors and a recently passed candidate, this interactive event will help trainees better prepare for each individual stage of assessment. CPD: 7 hours / Member rate, £130; Non-members, £176 / rics.org/apcprepday

UNITED KINGDOM››RICS Industrial Warehousing & Logistics Roadshow March–May, various locationsBrings together industrial agents, occupiers, logistics consultants, local council and valuers to debate what is needed from industry to meet growth demands. CPD: 4 hours / £150 / rics.org/warehousing

››Spring CPD Series April-July, various locationsOne-hour seminars covering topics such as structural appraisal, management and control of invasive weeds, and BIM for health and safety.CPD: 1 hour / £30, £25 for 3 or more bookings / rics.org/cpdseries

››RICS Environment & Resources Conference 16 April, NottinghamProvides attendees with the latest developments in the sector. Focusing on the circular economy, waste management and the minerals sectors, the event will bring together leaders in the field to provide attendees with an in-depth look into the current status of the environment and minerals sector in the UK.CPD: 3 hours / £80 / rics.org/envandresources

››RICS Infrastructure Conference22 April, LondonProvides greater insight into core disciplines, including supply chain integration and procurement and the role of data and technology. CPD: 6 hours / £245 / rics.org/infrastructureconference

››RICS CPD Days29 April, London; 12 May, Birmingham; 18 May, Exeter; 4 June, CardiffFull of CPD within land, property and the built environment, the conference also provides break- out sessions for specific learning requirements.CPD: 6 hours / £145 full day, £90 half day / rics.org/cpddays

››RICS European Smart Cities Conference12 May, British Library, LondonThis surveyor-tailored conference examines the recent developments in the smart cities agenda, including big data, infrastructure, BIM, investment, partnerships, and the business opportunity for the surveyors across the pipeline.CPD: 5.5 hours / £220 / rics.org/smartcities

Attracting more than 500 building surveyors, this flagship conference brings together industry experts to discuss the latest economic and legal updates affecting the sector, providing technical insight into common defects, modern methods, dilapidations, historic buildings and party walls.CPD: 6 hours / £220 / rics.org/bsconference

23 April, London

RICS BUILDING SURVEYING CONFERENCE

INTERNATIONAL ››International Arbitration in the MENA13-15 April, Dubai, UAETaking place in English and Arabic, this third annual conference will provide a line-up of top-class speakers, topical discussions, news and networking opportunities.iccevents.org

››Cityscape Abu Dhabi 21–23 April, Abu Dhabi National Exhibition Centre, UAEMajor developers, service suppliers and government bodies will participate in the region’s real estate event. cityscapeabudhabi.com

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44 RICS.ORG/MODUS

APRIL 2015_MODUS 45

FAVOURED JOB ASPECTS

14%

Job

secu

rity

Late

st te

ch

Trai

ning

Wor

king

env

ironm

ent

Sala

ry

Rang

e of

clie

nts

Man

agem

ent s

tyle

Rang

e of

wor

k

Resp

onsi

bilit

y

Loca

tion

14%

12%

11%

10%

7% 7% 7%

6% 6%

The recession of 2007 marked the start of a shift in job attitudes. Job security is now much more highly valued, as are cultural factors such as management style and working environment.

(change from 2007 to 2015)

Foundations

SURVEYORS’ REPORTThe 16th annual RICS and Macdonald & Company Rewards and Attitudes Survey was this year answered by 8,311 surveying professionals, and revealed an industry in good health. The UK average salary is now at its highest level for eight years and business confidence remains positive

62% of respondents received an annual salary increase

40% received a bonus this year, the average value of which was £14,420

44.6% is the premium an FRICS designation commands over a non-member. For MRICS the premium is

19.6%

AVERAGE SALARY BY AGE

18% FEMALE

82% MALE

18-22 23-26 27-30 31-35 36-45 46-55 56+

£26

,389

£29

,131 £

37,8

58 £45

,914

£57

,667

£62

,308

£57

,549

ECONOMIC ACTIVITY IN THE NEXT YEAR WILL …

28%

59%

13%

Increase Decrease Remain unchanged

59%

35%

6%

70%

26%

4%

2013 2014 2015

Professionals in the 46-55 age bracket continue to earn the highest average salary, but the biggest winners this year were 18- to 22-year-olds, whose pay jumped 25.6% on average.

READ THE FULL SURVEY online at rics.org/salarysurvey

7% increase on last year

£54,771 is the average salary of a UK property professional

GENDER GAPThe industry is still overwhelmingly male dominated. This year’s gender split shows no change on last year, while men earn on average 27% more than women.

£21

,137

£25

,136 £

34,1

73 £43

,120

£54

,509

£59

,308

£53

,135

£21

,015 £26

,904

£36

,292 £

43,2

90

£54

,600

£59

,657

£54

,348

2013 2014 2015

59% expect their organisation to increase headcount in 2015

46 RICS.ORG/MODUS

Whether you are looking for a weekend in London or craving a spot of sunshine, InterContinental Hotels Group (IHG) has the perfect hotel for any holiday. Thanks to its partnership with RICS, you can take advantage of great deals at more than 400 hotels across Europe in the coming months.

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ROOM WITH A VIEUXDrink in the sights and sounds of Vieux Port (left) from the InterContinental Marseille – Hotel Dieu

APRIL 2015_MODUS 47

››Gordon Burlingham Porritt MRICS1924-2014, Woodbridge

EAST MIDLANDS››John Oxley Hammond FRICS, 1929-2014Market Harborough

LONDON››Vaughan Adrian Simon Anscombe MRICS, London››John Michael Neville Barnes FRICS1920-2014, London

››Terence Peter Curtis FRICS, 1948-2015Bishop’s Stortford››Peter Hugh Mackaness MRICS, 1958-2014London

NORTH EAST››Alan Ayers FRICS1924-2014, Darlington

NORTH WEST››Andrew C H Froude FRICS, 1936-2014Tarporley

››David Hamilton Reade FRICS, 1938-unknownWirral

SOUTH EAST››George Sinton Bland MRICS, 1923-unknownKent››Ronald William Lionel Buckle FRICS1923-2014 Burgess Hill››Alan Coates-Taylor MRICS, 1936-2015Rochester

››Denis Patrick Delaney FRICS, 1932-2015Farnham››Peter Hartridge FRICS 1935-2014, Eastbourne››Neil MacKenzie FRICS1920-2015, Haslemere››Michael Charles Matthews MRICS1929-2014, Basingstoke››David Joseph Salkild MRICS, 1926-2014Haslemere››Alan C Scott AssocRICS1924-2014, Dorking »

OBITUARIES

EASTERN››John Gordon Baker MRICS, 1925-2015Norwich››Keith Percy Brunning MRICS, 1922-2014Braintree››John Hubert Friend MRICS, 1939-2014Sevenoaks››Gary Charles Harrison FRICS, 1938-2014Burnham On Crouch››William Hodges MRICS1926-2014, Ware

Please email obituary notifications to contactrics@rics.org or call +44 (0)870 333 1600

Notices

Former RICS CEO, Rear Admiral John “Louis” Armstrong CBE HonRICS, died on 31 December 2014, aged 68.

“Louis” followed a distinguished service career in the Royal Navy – where, as a trumpet player, his inevitable nickname stuck – with a highly successful transition to the private sector. As chief executive of RICS he led the transformational change agenda that spectacularly raised the status, influence and global reach of the profession.

Armstrong joined RICS in 1998 and remained CEO until 2010. He immediately formed a dynamic partnership with incoming president Richard Lay, whose inaugural address, “Agenda for Change”, launched the most radical repositioning of the surveying profession since the Institution was founded in 1868. The programme included raising academic standards, a merger with the Incorporated Society of Valuers and Auctioneers, the creation of a research foundation and

– crucially – an expansion of RICS’ brand and public policy influence worldwide.

All of this needed the approval of the membership, and Armstrong, alongside Lay and successive presidents, led the advocacy that persuaded a sometimes sceptical audience that this was the way to survive and thrive as a modern and internationally recognised profession. Our patron, the Queen, appointed Armstrong CBE in 2004 for services to the property profession.

Under Armstrong’s stewardship, RICS was no longer seen as a UK body representing a narrow, technical profession, but a global brand with some 118,000 accredited professionals operating in well over 140 countries and acknowledged for the holistic scope of our work. Today there are tens of thousands of trainees and students on their way to qualification, representing the future of the profession that he worked so hard to secure.

Armstrong was gifted with razor-sharp intellect, outstanding flair as a speaker, a phenomenal memory and impressive physical presence. Combined with his disarming natural charm, warm nature and mischievous sense of humour, this cocktail of gravitas and geniality made him an inspirational and popular leader. He had the ability to unite – for instance bringing a group of the CEOs of leading

professional bodies together under the banner of Professions for Good, to promote the contribution of British professionalism to society and the economy, and to encourage fair access to the professions.

He retained his joie de vivre, listing “going to parties” among his principal interests in Who’s Who? even after being diagnosed with a brain tumour in the spring of 2013.

Members worldwide have paid Armstrong many tributes. They have recalled his exceptional ambassadorial and leadership skills: visits to Moscow, Hong Kong and elsewhere are still warmly remembered years later; RICS regions have recalled his camaraderie, fierce determination and active support during their formative years; others have remarked on his generosity and encouragement to them to get involved in RICS business. One colleague who had reported to Armstrong for a decade could not recall a single day when he had been less than good tempered, cheerful, energetic and optimistic.

Louis Armstrong is survived by his sister Marie Louise, first wife Marjorie, his second wife Miriam, two children from his first marriage, a stepdaughter and one grandchild.

RICS plans to mark his life formally at an appropriate point later in the year.

JOHN “LOUIS” ARMSTRONG CBE HONRICS

48 RICS.ORG/MODUS

Notices

CONDUCT

Mr Emilio De Marco, GlasgowDisciplinary Panel Hearing by way of written representations – 28.01.15A Disciplinary Panel considered whether Mr De Marco was liable to disciplinary action under RICS Bye- Law 5.2.2(d), having been convicted of a criminal offence, namely causing assault to injury. Mr De Marco was found liable to disciplinary action. The Panel imposed a Reprimand and ordered Mr De Marco to contribute towards the cost of the hearing.

Mr Muktar Miah MRICS, EssexDisciplinary Panel Hearing – 28.01.15The Panel heard a case against Mr Muktar Miah MRICS. Mr Miah was charged with failing to submit in a timely manner information that was reasonably requested by RICS (Rule 8 of the Rules of Conduct for Members 2007) and failure to cooperate fully with RICS staff (Rule 9 of the Rules of Conduct for Members 2007). The Panel found the charges proved and imposed a Reprimand.

Mr Roger Hardwick MRICS, ChorleyDisciplinary Panel Hearing – 04.02.15A Disciplinary Panel found Mr Hardwick liable to disciplinary action in accordance with RICS Bye-Law B 5.2.2, having acted in breach of Rules 3,4 and 5 of the Rules of Conduct for Members 2007. The Panel imposed Reprimand/Conditions and ordered Mr Hardwick to contribute towards the cost of the hearing.

Mr Graham Dickerson MRICS, BathDisciplinary Panel Hearing – 11.02.15The Panel heard a case against Mr Graham Dickerson. Mr Dickerson was charged with failure to fully cooperate with RICS staff by failing to provide a de-registration form for his firm, thereby preventing RICS from meeting its regulatory requirements (Rule 9 of the Rules of Conduct for Members 2007). The Panel found the charges proved and imposed a Reprimand, an undertaking and ordered Mr Dickerson to contribute towards the cost of the hearing.

rics.org/conductcases

SOUTH WEST››Robert John Avenell FRICS, 1945-2015Verwood››Anthony John Barrington 1929-2014, Bristol››Geoffrey Carr FRICS1931-2014, Lechlade››William Percival George Cox MRICS1921-2015, Swindon››Joseph Davies FRICS1916-2015, Ivybridge››George Edwin Grossmith FRICS1923-2015, Dorchester››Gordon Lorraine Jacobs MRICS1928-2014, Wells››Dennis Ralph Greville Marler FRICS, 1927-2014 Wadebridge››James Henry White AssocRICS, 1920-2015Stroud

WEST MIDLANDS››Roy William Batchelor MRICS, 1929-2015 Rugby››Anthony Robert Fleming MRICS1963-2014, Redditch››Zdzislaw Mosdorf-Skrzeczkowski FRICS1953-2014, Rugby

YORKSHIRE & HUMBER››Robert Henry Ford FRICS, 1921-2014Doncaster››Stuart Gilbert Kingston MRICS1927-2015, Doncaster››Kimberley Needham MRICS, 1975-2014Halifax

SCOTLAND››Robert Neil Kelly AssocRICS, 1928-2015Glasgow››Norman MacLean MRICS, 1969-2014Culloden››James Main FRICS1930-2014, Aberdeen››Donald McGregor FRICS, 1945-2015Benderloch››John Robert McNab FRICS, 1927-2014Kirriemuir

WALES››John Dodsworth FRICS 1930-2014, Conwy ››Robert Collier Driver MRICS, 1921-2014Haverfordwest››James Peter Rees Holt FRICS, 1929-2014, Borth

››Donald Parish MRICS1932-2014, Cwmbran

IRELAND››Elizabeth Jean Fulton MRICS, 1954-2015Belfast

ASEAN››Ramon CF Cuervo III FRICS, 1953-2014Metro Manila››Nipat Tuannawarat MRICS, 1967-2014Bangkok

NORTH AMERICA››Wilfred John Rodrigues FRICS1921-2014, Castries

OCEANIA››Peter William Sanderson FRICS1927-2014, Robina

If you are facing hardship after the loss of a family member, or if you are considering leaving a legacy, please contact LionHeart, the charity for RICS members and their families. Call +44 (0)24 7646 6696, email info@lionheart.org.uk or visit lionheart.org.uk.

ROWLAND JOHN BAXTER BEANEY FRICS

Rowland Beaney, a well-respected chartered surveyor, arbitrator, agricultural valuer, auctioneer and partner of Lacy Scott & Knight, has died aged 59 after a determined and courageous battle with cancer.

Beaney attended the Royal Agricultural College at Cirencester. On graduation in 1977 he joined Bidwells in Cambridge, working under the formidable Sir Francis

Pemberton. In 1983 he joined his father, Peter Beaney, at RC Knight & Sons, merging the firm with Lacy Scott to form the current partnership.

He became honorary secretary of the Suffolk Association of Agricultural Valuers in 1991 – a role he held for 23 years. In 1992 he was appointed to the Lord Chancellor’s Panel of Arbitrators and became one of the country’s most eminent agricultural arbitrators. Beaney was a past chairman and secretary of the East Anglian rural practice division of RICS. He was a passionate supporter of younger colleagues, full of enthusiasm and encouragement, helping them to qualify as chartered surveyors and agricultural valuers.

Outside work, he was a keen skier and a competitive hockey player. Married to Judy for more than 35 years, his two children, Kate and Thomas, are both chartered surveyors.

RICS CPD SeriesApril – July 2015

Our Spring CPD Series offer a range of topical one hour seminars spanning across Land, Property and the Built Environment. These industry specific seminars offer you a local, low cost and affordable CPD programme that will help you to develop your skills and gain practical advice to help you drive your business forward.

Booking your CPD Series seminars online dynamically updates your CPD record, meaning you don’t have to.

For the full programme of seminars taking place in your region, visit us online at rics.org/cpdseries and navigate to your regional CPD Series.

Book your seminar today: rics.org/cpdseries

20290-RICS-CPD SERIES-ADVERT-JAN 2015-180x116mm-AW.indd 1 25/02/2015 09:41

To find out more contact RICS training: e training@rics.org t 024 7686 8584 w rics.org/certificatecpv

Gain the advanced knowledge required to become a registered valuer and undertake valuation work on behalf of clients.

Learn how to:• Apply the requirements of the professional standards and their impact on valuation practice

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APRIL 2015_MODUS 49

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50 RICS.ORG/MODUS

The May issue will be published on 5 May Recruitment copy deadline

Wednesday 25 March

Helping you find the right opportunity! Residential Valuation SurveyorsFull and Part-time positions exist in: London (Central, North, East, South and S.East), Basingstoke, Bath, Birmingham, Blackburn, Bristol, Cheltenham, Chichester, Colchester, Croydon, Dorking, Exeter, Gloucester, Guildford, Harrow, High Wycombe, Loughton, Maidstone, Northampton, Oxford, Peterborough, Reading, Reigate, Romford, Sevenoaks, Southend, Swindon, Tonbridge, Tunbridge Wells, Uxbridge, Walsall. Plus: Staff Surveyor for Lender - Central/Inner London (£55/65K basic – 3 jobs a day), Plus: 2x Estates Managers required (Colchester and Wimbledon) £45-55K.

Existing or past experience of undertaking mortgage valuations and Homebuyer reports required. Client employers include smaller local practices to major surveying organisations and direct lenders. The current demand for surveyors is reflected in the excellent remuneration packages available.

We are experts at finding you the right job in the residential surveying sector. We discuss your objectives and advise you with the most suitable and widest choice of opportunities. We take away any pressure and stress by arranging the job applications and resulting interviews for you.

Please call to find out more: Jeff Johnson on 07940 594093 or email your CV in confidence to: jjohnson@mlarecruit.com www.mlarecruit.com

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0203 817 0000 info@carriera.co.uk www.carriera.co.uk

Specialists in Recruitment and Search & Selection within the Construction and Property Industry

Recruitment – Search & Selection – Market Intelligence – Benchmarking

APRIL 2015_MODUS 51

To view more jobs online visit ricsrecruit.com

Want to apply your residential surveying skills in the buy-to-let market?Regional Surveyor – Central/North London We are looking to recruit a home-based Chartered Surveyor. The ideal candidate will be based around Holloway, Stratford or Walthamstow with residential valuation experience that also includes Central London. (The salary is up to £65,000 pa dependent upon experience).

Audit Surveyor – Solihull, West Midlands Based at our Head Office, we are looking to recruit an Audit Surveyor to further enhance the existing audit function of our in-house Regional Surveyor team. The ideal candidate will provide assistance with valuation referrals and undertake on-site audit inspections at least one day a week. (The salary is up to £52,000 pa dependent upon experience).

If you are fully qualified (MRICS) with post-qualification experience then one of the above may be the opportunity for you. These unique positions require the successful candidates to take responsibility for providing specialist property advice to the Group. You will be part of the team that provides mortgage valuations and security assessments of residential investment properties in support of the Group’s buy-to-let and property management functions.These varied roles will allow the successful candidates to contribute to the Group’s lending decisions and provide quality advice within an environment in which the surveyor’s opinion is respected. You should have a commitment to best practice and possess excellent IT and communication skills. If you can use your initiative whilst working under pressure, enjoy a challenge, are adaptable and wish to work for a professional team, supported by our head office staff, then we want to hear from you. The positions are available with competitive salaries that are dependent upon experience, with benefits including a prestige company car, extended holidays, private medical insurance and pension provision.

The Paragon Group of Companies PLC, 51 Homer Road, Solihull, West Midlands B91 3QJ www.paragon-group.co.uk

Good at surveying...but looking for something different?

To apply, please email your CV to human.resources@paragon-group.co.uk

HRD10515 - Regional surveyor ad .indd 1 25/02/2015 13:58

RESIDENTIAL SURVEYORCambridgeshire and Hertfordshire

As a small, professional and friendly practice we now have a vacancy for an experienced surveyor to complete Building Surveys and Homebuyer Inspections exclusively for private clients.

Flexible zero hours contract or a consultancy position considered. You will need to be personable with good communication skills and be able to demonstrate a good knowledge and depth of experience in completing property inspections and producing survey reports in a timely and organised manner. In this home based role the successful applicant will need to be self motivated with full administrative and technical support and in return will enjoy excellent working conditions and remuneration package.

Apply with CV in the first instance to enquiry@camsurehomes.com Attention Andy Greed, MRICS

www.buildrec.com

Build Recruitment offers a professional recruitment and consultancy service for the built environment currently recruiting for Building Surveyors across London and South East

Top Vacancies

Chartered Building Surveyor£45,000 - £50,000 plus packageLondon, West EndAward winning high end residential and commercial consultancy with a broad spectrum of work.

Senior/Associate Building Surveyor£55,000 - £60,000 plus packageLondon, CityGlobal Property Consultancy, good mix of work with some very well known brands

This is just a small selection of opportunities we have available.

For other opportunities as APC Building Surveyor, Chartered Building Surveyor and Senior Building Surveyor positions across London and the South East please contact duncan.nuttall@buildrec.com or call 07961 733 192 for further information.

52 RICS.ORG/MODUS

Recruitment

Find more jobs online atconradconsulting.co.ukFor more information about any of these positions, please contact kevin@conradconsulting.co.uk or call 0203 1595 387

Chartered Building SurveyorCentral London£45,000-£55,000 Plus Benefits

Our client has an urgent requirement for an experienced MRICS qualified Building Surveyor to help develop the team within their well-established practice. The role will be to undertake the delivery of consultancy services to clients, primarily within the commercial sector. The ideal candidate will possess around 2 – 5 years PQE and have experience of acting as contract administrator and employer’s agent on projects around £1.5m in value.

Project Quantity SurveyorCentral London£35,000-£45,000 Plus Benefits

Independent firm of construction cost consultants who, over the space of nearly three years, have rapidly expanded to over 40 strong in their London office. Looking to expand further and add a Project Quantity Surveyor to their team. The ideal candidate will be MRICS qualified or will have started on their APC and have experience of operating within a PQS practice working on commercial, office and residential projects.

Chartered Building SurveyorCentral London£40,000-£50,000 Plus Benefits

Multi-disciplinary practice comprising of construction and property professionals, with offices located throughout the UK, are looking to add a Chartered building surveyor in their Central London office. The ideal candidate will be MRICS qualified with experience of undertaking a wide range of project and professional work, which includes building design and refurbishment, defect analysis, party wall surveys and dilapidations to clients within the commercial sector.

Senior Chartered Quantity SurveyorSurrey£45,000-£50,000 Plus Benefits

Multi-disciplinary firm of construction consultants, general practice surveyors and health and safety advisors are on the search for a Chartered Senior Quantity Surveyor to join their hugely successful and expanding Surrey office. The ideal candidate will have experience of working on projects within a wide range of sectors, along with experience of undertaking a lead role on projects from inception through to completion. You will also be MRICS qualified or looking to achieve this, for which training and assistance is on offer.

Chartered Building SurveyorCentral London£45,000-£55,000 Plus Benefits

Cutting edge and well established building surveying practice, who boast busy offices in both Central London and Kent, are on the search for a Chartered Building Surveyor for their Central London office. The ideal candidate will be MRICS qualified with experience across a wide range of building surveying disciplines, undertaking projects within the residential and commercial sectors in and around London.

MRICS Qualified Quantity SurveyorJersey £45,000-£55,000 Plus Benefits

Award winning Chartered quantity surveying and project management practice that operates within a wide variety of sectors is seeking a Quantity Surveyor to join their Jersey office. The ideal candidate will be MRICS qualified with a broad range of project experience and be looking for a fresh, interesting and challenging role, undertaking traditional PQS services and bill of quantities. This offers the opportunity for the right candidate to progress into a directorship position within the company.

Building SurveyorKent£40,000-£45,000 Plus Benefits

Well established and large scale independent property practice, based within the South East of England, are on the search for a Building Surveyor to join their team. Our client’s Building Consultancy department offers a range of services which include building inspection reports, defect analysis, schedules of condition, dilapidations, party wall matters, schedules of work, project management and contract administration. The ideal candidate will have a minimum of one years’ experience of undertaking a building surveying role, and be underway with their APC.

Chartered Quantity SurveyorBirmingham £35,000-£45,000 Plus Benefits

This firm is a leading construction and property consultancy who provide a comprehensive range of services covering chartered building and quantity surveying, project management, architectural and master-planning, civil and structural engineering. They are currently seeking an individual with ambitions to develop their career with a leading, forward-thinking practice. They are interested in hands-on individuals who are able to lead the team, set and maintain standards for quality and accuracy, deliver QS services on small and large projects and develop existing and new client relationships.

For a confidential chat, call us 8am to 8pm on 0203 1595 387

further your career

APRIL 2015_MODUS 53

To view more jobs online visit ricsrecruit.com

With so many Residential Surveying opportunities available, who should you speak to?With an almost two decade association with the sector, sole / preferred agency status with many leading employers, a commitment to discretion, transparency and consultation and a wide range of professional accreditations including ISO9001 and Corporate REC member status, we truly offer a one stop shop service dedicated to finding you the right career move whatever your search criteria.

We welcome enquiries (in confidence, without obligation and however speculative) from: • Residential surveyors already working in the sector• Residential surveyors who left the sector post 2008,

but would like to return with refresher training• Semi-retired surveyors (with residential experience)

keen to keep active on a part-time/flexible basis

• Freelance surveyors keen to secure additionalfee-sharing instructions

• MRICS-qualified surveyors with relevant (Although perhaps not direct) inspection or valuation experience.

For details of our current UK-wide requirements, see our double-page spread on pages 56 or visit www.bblproperty.co.uk and click on the surveying tab.

Alternatively, contact:Greg CoyleHead of Property RecruitmentBBL Property, 1 Clements Court, Clements Lane, Ilford IG1 2QYDirect: 020 8514 9116Email: GregC@bbltechnical.co.uk

Do you want to work for a private firm with a corporate attitude - a firm that is quality driven and that has a strong tradition of VALUING its surveyors as INDIVIDUALS.

Valunation is part of one of the country’s largest independent and privately owned Estate Agency groups with over 200 branches and we’re looking to further expand and strengthen our national team of residential valuation surveyors.

This is your opportunity to make a positive and rewarding change to your working life and join a leading name in the residential surveying marketplace where we pride ourselves on the emphasis we give to the quality, rather than the quantity, of what we deliver.

We have vacancies for RICS qualified and registered experienced residential surveyors, who are highly motivated. You must be familiar with undertaking valuations and surveys for both lenders and private clients

There are immediate vacancies in Cardiff, Clapham, Croydon, Harrow, High Wycombe and Oxford but new vacancies are being added all the time, so send us your CV and we will contact you when a vacancy arises.

We offer a competitive benefits package including private medical care, life insurance, Audi car scheme or car allowance, together with a generous bonus scheme. We are also happy to consider part-time or flexible working.

In addition to employed positions, we are also looking for consultants to undertake non-lender private client surveys in London and the Home Counties, East Anglia, South Wales, Leicestershire and Yorkshire.

If you are interested in joining us we would be delighted to hear from you. Please email your CV directly to kimberley.stockley@valunation.com or call Paul Lancaster on 07974 090 113 or David Atter on 07973 543 010 for a confidential chat.

Residential Valuation Surveyors

5 4 RICS.ORG/MODUS

Recruitment

Recruitment – Search & Selection – Market Intelligence – Benchmarking www.carriera.co.uk

Specialists in Recruitment and Search & SelectionFocused on the Construction and Property industry

We work closely with our clients who are employers, as well as professionals seeking to develop their careers. We do this by taking time to understand the brief, motivators and the opportunities involved. Then throughour knowledge and understanding of the industry, as well as the local and national market, we move swiftly

to meet our clients’ brief.

We have a number of key roles on off er and are working on behalf of some fantastic clients who arelooking for talented professionals.

Interested in one of the above job roles? Please contact Danny Score, Joe Moore or Elliot Wrighton 0203 817 0000 or email info@carriera.co.uk

If one of these roles do not meet your brief, please still get in touch! We have other opportunities.

Chartered Building Surveyor

Cambridge – to £38k plus car/allowance & excellent benefi ts

• Commercial building surveying

• Projects to £2 million

• Pre acquisition, dilaps, TDD

• Key part of a successful team

• Independent business

• Excellent career opportunity

Ref: CARR-BS-1198

Project QS

Central London – to £40k plus benefi ts

• You will be part way throughyour APC or recently qualifi ed

• Team specialises in Residential

• Projects from £5 million to £250 million

• Excellent opportunity to fasttrack your career

• Solid team and good social

Ref: CARR-QS-2008

Senior – Associate Building Surveyor

Worthing – to £50k plus car allowance, package & excellent bonus

• Commercial and Residential• Project and professional • Establishing service line in this

offi ce• Route through to Partner• Business has a solid client base• Existing workload

Ref: CARR-BS-2001

Senior Project Manager

Oxford – to £57k plus car/ allowance & excellent benefi ts

• Projects in Commercial, Education, Leisure and Engineering

• Schemes up to £150 million

• Autonomous role

• Uncapped career progression

• Great specialist team

Ref: CARR-PM–2003

Project Manager

Cambridge – to £45k plus car/ allowance & excellent benefi ts

• Multiple sectors

• Schemes from £5 million to£120 million

• Excellent team

• Good support and professional development

• Brilliant career progression

• Good work/life balance

Ref: CARR-PM–2007

Partner (Des) QS

City, London – to £85k plus car allowance & benefi ts

• Establishing service line inthis offi ce

• Working off existing relationships

• Open on sector experience

• Ideally you will also have a network of clients

• Small, well established partnership

• Equity available in the mid term

Ref: CARR-QS-1999

APRIL 2015_MODUS 55

To view more jobs online visit ricsrecruit.com

To express your interest please contact:

Greg CoyleHead of Property Recruitment020 8514 9116GregC@bbltechnical.co.ukwww.bblproperty.co.uk

Franchise / Directorship Opportunities Our client is a growing, national brand of surveyors which operates independently at local level through an extensive network of “franchise” type offices and full time employed surveyors UK wide. Our client does NOT service lender/panel work rather high value private instructions which include Building Surveys, Homebuyer Reports, Residential / Commercial Valuations and wider professional services such as party wall awards. They currently seek new start up directors in the Midlands (Warwickshire/Coventry / Leicestershire) and Norfolk / Suffolk. As well as the freedom of running their own business successful applicants will enjoy excellent earning potential and full support (and work flow) from central office. We are regularly instructed for both full-time and zero-hours surveyors in the following postcodes: All London postcodes (N, NW, W, SW, SE & E), Essex (SS, CM, RM, CO, IG & E), Hertfordshire (AL, SG, WD, EN), Bedfordshire/Luton (LU, MK), M4 Corridor generally (SL, RG, OX, SN), East & West Sussex (BN, TN, RH), Dorset, (DT, BH), Hampshire (SO, PO), Surrey (CR, BR, KT, SM, GU), Kent (ME, TN, CT, BR, DA), Gloucestershire (GL), Bristol (BS), Cardiff/South Newport (CF, NP), Chichester, Basingstoke Aberdeen, Blackburn, Uxbridge,

Harrow, Twickenham, Swindon, High Wycombe. Remuneration includes a basic salary of £40-55k (depending on location), bonuses (based on fee income), a car (or allowance), healthcare and pension.

Staff Valuer / Client-side opportunities. We recruit nationally for both lenders direct and the surveying arms of wider financial services groups undertaking in-house / top-tier valuation work on an exclusive (non-volume) basis in select locations UK wide. We have immediate requirements in Fareham (Hampshire), W/SW London, Surrey and Chatham (Kent) with additional vacancies to follow. We are happy to retain CVs (in confidence) for future needs in other patches if your location isn’t listed.

Trainee residential surveyors required nationally. Our client is an independent, well-established and growing firm of chartered surveyors undertaking the full range of survey and valuation services for main lenders and private clients. They are able to train enthusiastic chartered surveyors from most backgrounds so previous residential surveying experience is not essential. Opportunities currently exist in Worcester, Hereford, Gloucester, SE London, Cardiff / Newport, Taunton, North West / North London with additional requirements to follow. Basic salary to £45k + Bonuses.

Opportunities within panel - appointed practice-based environments (with a focus on service over volume but not at the expense of job security) – Vacancies in all London postcodes (particularly south of Thames), Essex, Kent (ME/CT), Reading / M4 corridor, Bristol and Oxford. Our clients are traditional, independent private practices who service main lender, private client and in-house (agency) instructions undertaking the full range of residential reports for high average fees. Their ethos is quality over quantity and, as such, surveyors working for them are not put under the same pressures as they might be elsewhere in the sector. Basic salary circa £50k+ with excellent “zero-threshold” bonus scheme, quality car and benefits.

We have a deep, first-hand understanding of the residential surveying sector built over many years servicing it at all levels nationally. With access to (and preferred or sole agency status with) many leading employers, we offer a truly one-stop-shop recruitment service to applicants who can be sure of discretion, consultation and transparency from registration to securing a new role and beyond.Our website is updated with the latest vacancies by the hour and our offices are always open for those who would prefer to visit and discuss their needs in person – in or outside of business hours, or at weekends by arrangement.

As we enter the first month of the second quarter demand for Residential Surveyors remains high nationally. Whilst activity in the South is greater by volume, the market across the UK is strong, a fact supported by recent lender projections. If your annual review didn’t result in the pay rise expected, your withheld bonus was less than hoped or panel changes have had a detrimental effect on your earning potential or patch parameters... we can help!

Residential Surveying Opportunities

We welcome enquiries (in confidence, without obligation and however speculative) from: • Residential surveyors already

working in the sector• Residential surveyors who left the

sector post 2008, but would like to return with refresher training

• Semi-retired surveyors (with residential experience) keen to keep active on a part-time/flexible basis

• Freelance surveyors keen to secure additional fee-sharing instructions

• MRICS-qualified surveyors with relevant – although perhaps not direct – inspection or valuation experience.

• Staff Valuers/ ResidentialSurveyors keen to work client side

We can help you achieve: • An improvement in earnings,

be that basic salary or a bonus scheme that offers greater incentives

• A reduction in hours or a move to part-time or zerohours working

• A reduction in the volume of work that you are expected to handle

• An improvement in the generalquality of your instructions orfee levels.

56 RICS.ORG/MODUS

Recruitment

To express your interest please contact:

Greg CoyleHead of Property Recruitment020 8514 9116GregC@bbltechnical.co.ukwww.bblproperty.co.uk

Franchise / Directorship Opportunities Our client is a growing, national brand of surveyors which operates independently at local level through an extensive network of “franchise” type offices and full time employed surveyors UK wide. Our client does NOT service lender/panel work rather high value private instructions which include Building Surveys, Homebuyer Reports, Residential / Commercial Valuations and wider professional services such as party wall awards. They currently seek new start up directors in the Midlands (Warwickshire/Coventry / Leicestershire) and Norfolk / Suffolk. As well as the freedom of running their own business successful applicants will enjoy excellent earning potential and full support (and work flow) from central office. We are regularly instructed for both full-time and zero-hours surveyors in the following postcodes: All London postcodes (N, NW, W, SW, SE & E), Essex (SS, CM, RM, CO, IG & E), Hertfordshire (AL, SG, WD, EN), Bedfordshire/Luton (LU, MK), M4 Corridor generally (SL, RG, OX, SN), East & West Sussex (BN, TN, RH), Dorset, (DT, BH), Hampshire (SO, PO), Surrey (CR, BR, KT, SM, GU), Kent (ME, TN, CT, BR, DA), Gloucestershire (GL), Bristol (BS), Cardiff/South Newport (CF, NP), Chichester, Basingstoke Aberdeen, Blackburn, Uxbridge,

Harrow, Twickenham, Swindon, High Wycombe. Remuneration includes a basic salary of £40-55k (depending on location), bonuses (based on fee income), a car (or allowance), healthcare and pension.

Staff Valuer / Client-side opportunities. We recruit nationally for both lenders direct and the surveying arms of wider financial services groups undertaking in-house / top-tier valuation work on an exclusive (non-volume) basis in select locations UK wide. We have immediate requirements in Fareham (Hampshire), W/SW London, Surrey and Chatham (Kent) with additional vacancies to follow. We are happy to retain CVs (in confidence) for future needs in other patches if your location isn’t listed.

Trainee residential surveyors required nationally. Our client is an independent, well-established and growing firm of chartered surveyors undertaking the full range of survey and valuation services for main lenders and private clients. They are able to train enthusiastic chartered surveyors from most backgrounds so previous residential surveying experience is not essential. Opportunities currently exist in Worcester, Hereford, Gloucester, SE London, Cardiff / Newport, Taunton, North West / North London with additional requirements to follow. Basic salary to £45k + Bonuses.

Opportunities within panel - appointed practice-based environments (with a focus on service over volume but not at the expense of job security) – Vacancies in all London postcodes (particularly south of Thames), Essex, Kent (ME/CT), Reading / M4 corridor, Bristol and Oxford. Our clients are traditional, independent private practices who service main lender, private client and in-house (agency) instructions undertaking the full range of residential reports for high average fees. Their ethos is quality over quantity and, as such, surveyors working for them are not put under the same pressures as they might be elsewhere in the sector. Basic salary circa £50k+ with excellent “zero-threshold” bonus scheme, quality car and benefits.

We have a deep, first-hand understanding of the residential surveying sector built over many years servicing it at all levels nationally. With access to (and preferred or sole agency status with) many leading employers, we offer a truly one-stop-shop recruitment service to applicants who can be sure of discretion, consultation and transparency from registration to securing a new role and beyond.Our website is updated with the latest vacancies by the hour and our offices are always open for those who would prefer to visit and discuss their needs in person – in or outside of business hours, or at weekends by arrangement.

As we enter the first month of the second quarter demand for Residential Surveyors remains high nationally. Whilst activity in the South is greater by volume, the market across the UK is strong, a fact supported by recent lender projections. If your annual review didn’t result in the pay rise expected, your withheld bonus was less than hoped or panel changes have had a detrimental effect on your earning potential or patch parameters... we can help!

Residential Surveying Opportunities

We welcome enquiries (in confidence, without obligation and however speculative) from: • Residential surveyors already

working in the sector• Residential surveyors who left the

sector post 2008, but would like to return with refresher training

• Semi-retired surveyors (with residential experience) keen to keep active on a part-time/flexible basis

• Freelance surveyors keen to secure additional fee-sharing instructions

• MRICS-qualified surveyors with relevant – although perhaps not direct – inspection or valuation experience.

• Staff Valuers/ ResidentialSurveyors keen to work client side

We can help you achieve: • An improvement in earnings,

be that basic salary or a bonus scheme that offers greater incentives

• A reduction in hours or a move to part-time or zerohours working

• A reduction in the volume of work that you are expected to handle

• An improvement in the generalquality of your instructions orfee levels.

APRIL 2015_MODUS 57

HOW ‘PROPTECH’ IS CHANGING THE INDUSTRY

Proptech has enormous

potential for facilities managers. Buildings can be remotely locked and

unlocked via smartphones, and the facilities manager

can be alerted via an app about building

faults.

Construction companies such as Ten Fold are

manufacturing origami-like structures that can be

transported easily to a site, to literally fold out as pop-up

clinics for remote fieldwork, exhibition

display spaces, or shelters.

Immersive, head-mounted

glasses – such as Oculus Rift – let anyone view a

building remotely and “walk around” rooms in real time. It

is an amazing way to show design developments and

different interior applications.

Innovative “proptech” is

already radically altering how we go about business in

the property industry.

Most proptech

companies are in the residential sector, but

there is plenty of potential for commercial. Start-ups like Hubble are matching new businesses looking to rent

office space with those who can provide it.

Mind map

Juliette Morgan partner, Cushman & Wakefield, and head of property, Tech City UK

ILLU

STR

ATIO

N G

IAN

MAR

CO

MAG

NAN

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58 RICS.ORG/MODUS

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