3rd edition, December 2021. Effective from 31 January 2022

Superseded by 4th edition, ISBN 9781783215713 from 30 April 2026, published January 2026

This guidance note is principally intended for valuing commercial property: non-domestic real estate that fulfils an operational or occupational purpose for business and is commonly sold or let in the market. It may also be referred to as ‘investment property’. Other asset classes such as rural, residential, public sector and infrastructure fall outside the remit of this guidance note. Valuation is a component of a wider construction and management cycle, but this guidance note does not cover life cycle considerations or circular economy principles in detail. Some ESG analysis includes detailed consideration and reporting of non-financial matters – those that cannot be measured in monetary terms. This guidance does not substantially cover ESG disclosures or reporting relating to non-financial matters. The guidance also principally refers to the valuation of individual real estate assets or groups of real estate assets, and does not cover
business and corporate level sustainability, ESG and net-zero carbon strategies and factors such as carbon off-setting