RICS updates asset management guide

28 March 2012

RICS has launched its new Public Sector Asset Management guidelines. With £83 billion worth of savings required across the public sector estate and services over the next four years, RICS’ guidelines have been specifically developed as a key measure in ensuring the public sector estate is managed in the most effective and economically viable way.

The guidelines have been endorsed by the Cabinet Office, CLG, and the UK devolved assemblies. A Cabinet Office spokesperson commented: "The Government Property Unit is very pleased to endorse the 2012 RICS Guidelines on Strategic Property Asset Management. The OGC was involved in the production of the first edition in 2008 and the GPU has had involvement in the production of the new guidance through its membership of the RICS Public Sector Executive Group. The new guidelines have been updated and continue to be an essential reference source for everyone involved in the management of large property portfolios."

Comprising a 'Main Guide', 'Getting Started Quickly Guide' and 'Senior Decision Maker’s guide', the guidelines are specifically designed to:

- Raise awareness of the importance of effective property use and asset planning;
- Add to the existing best practice standards for property professionals working within the public sector in the UK; and
- Provide the tools necessary to embed best practice standards in property asset planning.

Paul Bagust, Associate Director, RICS Professional Groups and Forums, commented on the value of the guidelines: “Effective asset management is not about cost cutting, but achieving value for money by aligning property with an organisation’s business strategy and requirements. Our guidelines support asset managers in producing clear strategies for efficiency savings and communicating these to public sector decision-makers, thereby also implicitly demonstrating the importance of asset management in meeting policy objectives.

"Using these guidelines, we are challenging all property professionals operating in the public sector, as part of wider asset management teams, to prove their worth during these challenging times."

RICS will be working in partnership with LGA, the Government Property Unit and other stakeholder organisations to offer practical ways of improving asset management across the local government estate to deliver savings and better public services for the taxpayer.