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The impact of COVID-19 on valuers and commercial real estate valuation
The COVID-19 pandemic has provided the biggest recent test of the valuation profession and valuation standards, notably ‘RICS Global Standards — Valuation “Red Book”’ (‘Red Book Global’). Many positive lessons have been learnt from the crisis, the principal one being for valuers to be prepared for changing valuation practice in the light of severe market challenges, while still adhering to valuation standards requiring the provision of accurate, objective and evidenced advice. The demand for explicit valuation techniques and a comprehensive rationale, increased automation and digitisation, with more demanding governance is unlikely to be reversed following the initial impact of COVID-19. This paper analyses how valuers will continue to rise to these challenges.
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Charles Golding BSc (Hons) MRICS, is senior specialist in valuation and investment advisory for the Royal Institution of Chartered Surveyors (RICS). He has been an RICS member and chartered surveyor for over 12 years. Prior to joining RICS, Charles worked across a wide range of valuation disciplines in both public and private practice. He has provided valuations for government and multinational clients on property types ranging from luxury hotels and Olympic sports venues to distribution centres and prime office blocks. He has given expert witness evidence in the UK Valuation Tribunal and Upper Tribunal (Lands Chamber) and worked as a policy adviser to UK Government. Throughout the COVID-19 crisis Charles was a contributor to the RICS Material Valuation Uncertainty Leaders Forum (UK) and the RICS ‘Material Valuation Uncertainty — Criteria, Requirements and Considerations for Declaring and Rescinding Material Uncertainty’ guide. He was the lead author of the ‘RICS Supplement to the Practice Alert — Impact of COVID-19 on Valuation’ and co-author of ‘Beyond COVID-19: Valuation approaches and evidence during the COVID-19 health crisis’.