Commercial Property News

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Thursday, May 25, 2023

New Alliance boosts property industry cooperation

Four leading property bodies have formed an alliance to tackle major property issues in a more co-ordinated way while retaining their separate identities and roles.

The formation of the Property Alliance will give the commercial property sector a stronger voice on issues where greater coherence can make a difference. It builds on the recent REITs campaign which demonstrated the success that can be achieved when organisations collaborate.

The four members of the Property Alliance are the British Council for Offices (BCO), British Property Federation (BPF), Investment Property Forum (IPF) and Royal Institution of Chartered Surveyors (RICS).

Among its first actions the Property Alliance has agreed to set up a pan-industry research group to improve coordination of research programmes across the sector and maximise the impact and reach of that research. The Alliance will also be undertaking work designed to examine levels of satisfaction among commercial property tenants.

Sir David Clementi, Chairman of Prudential plc and Chair of the Property Alliance, said: "I am delighted to be chairing the Property Alliance. I know just how crucial an efficient and dynamic commercial property sector is to the performance of the whole economy. Presenting the industry's case effectively and maximising the value of the work carried out by its representative bodies demands a high level of cooperation between its leading players. I recognise that a good deal of cooperation already takes place but I believe that the Property Alliance has the potential to plug some of the gaps that exist."