The recent successful launch of the BDO PropCost – an independent analysis of service charge expenditure data benchmarking report, has been very well received by all parties in the property industry who have been calling for more transparent data for many years. It also raises many questions around the collection, use and sharing of data in the industry.

BDOs PropCost Offices 2022 analyses service charge expenditure data for UK office buildings from 2019 through to the beginning of 2022 — a period of time in which UK office spaces have been subject to an unparalleled level of disruption and change due to the Covid-19 pandemic, Brexit and the subsequent economic uncertainty faced by many individuals and businesses. It provides meaningful insight into service charges and the factors that can influence building running costs.  

As the property industry adapts to the realities of a digital world dominated by technology and, increasingly, artificial intelligence, so the amount of available data concerning real estate is increasing exponentially. This data concerns almost every aspect of the built environment: from how we use and interact with properties as individuals and businesses, through to how a building’s energy consumption and construction details are being recorded and analysed to help surveyors, asset managers, building managers, developers and investors make informed decisions about real estate.

The industry appears to be at a tipping point, with chartered surveyors and other property professionals having to use skills beyond the traditional surveying competencies. Data analysis is one such area that is growing in importance. It is no longer enough simply to possess data; the value lies in being able to use it.