A review of the RICS’ real estate portfolio could see the troubled institution sublet a chunk of its headquarters on London’s Parliament Square.
Knight Frank has this week handed the institution a report on options around its owned and leased offices. A committee including several past presidents will now review the report and make a recommendation to the management board and governing council.
Much of the decision-making will focus on how much space at the RICS-owned 12 Great George Street, SW1, should be used by staff and how much should be given over to members.
The lower-ground, ground and mezzanine floors are used mostly by members, with staff using the rest. But as the institution adopts hybrid working, governing council interim chairman Nick Maclean said the team is looking at whether it needs as much space, and may ultimately sublet some of the office space.
The goal is to “rekindle some of the glory” of the building, Maclean added, “and put to the members that this is what it costs us to run a year, and this is now much we can use”.
“It’s much loved by some members, some members of staff don’t like it because it’s not very efficient,” added Maclean, who is also managing director for the Middle East and North Africa at CBRE. “Many members were very unhappy it was not being used properly – the tea shop was no longer operational, the library had been closed and the books put away in storage. That was clearly a source of angst for many members.”
The library has now reopened to members visiting Great George Street, he said, and talks are ongoing over offering more communal space for members visiting London for meetings.
The organisation is also reviewing its needs in Birmingham, where it leases an office for administrative staff.
Regardless of the review’s outcome, Maclean said he expects the RICS to retain its ownership of the property.
“I’ve publicly stated that I thought it would be a big mistake for RICS to sell it – not just because of the historic importance of the building but because it seems to be the heart of the institution. That was overwhelmingly supported in the consultations we have done over the past seven months or so. The objective is to keep it but not to let it be underutilised.”
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