An analysis by Savills of Q2 2022 Prime Office Costs (SPOC) in global markets around the world suggests that inflation and supply chain issues are now feeding into office fit-out costs and keeping occupiers’ net effective costs high in many cities around the world. Over the past year office fit-out costs have risen an average of 6 percent across the SPOC cities that have so far reported rises says Savills, although proportionally they remain a small part of overall costs compared to rents. (more…)

Europe is leading the way on real estate transparency as a raft of new sustainability legislation raises industry standards, according to the latest Global Real Estate Transparency Index [registration] published by JLL, in partnership with LaSalle. Six of the 12 countries classed as ‘Highly Transparent’ in the report are in Europe with France, the Netherlands, Germany and Belgium among the most improved, joining Ireland and Sweden. (more…)

Lord Michael Bichard has published the Bichard RICS Review into the Institution’s Purpose, Governance and Strategy, which RICS Governing Council commissioned last December. The review was a key recommendation of Alison Levitt QC’s critical report into historic issues at RICS, which was published last September. RICS Governing Council said it ‘strongly endorses’ the report and recommendations, which were informed by a global stakeholder consultation process, and will now commence work on their practical implementation. Lord Bichard states in his report that the future success of the organisation “will require nothing less than a transformation of the Institution carried out at pace” and described the need for change as “urgent” and “unarguable”. (more…)