SCOR 2021: Shopping Centres
Download the Service Charge Operating Report for Shopping Centres 2021
Welcome to the 2021 edition of the Service Charge Operating Report (SCOR) for Shopping Centres, which is the tenth edition in the series. SCOR for Shopping Centres 2021 benchmarks the service charge costs at UK shopping centres by analysing them according to the new Cost Classes and Categories specified by the RICS Professional Statement, and includes 2021 budgetary cost information for a representative sample of 82 UK retail shopping centres that fall within the UK’s 100 largest in terms of total net lettable area.
This year’s edition also provides new compliance metrics for assessing whether service charge accounting documents prepared at 42 of these shopping centres comply with the increased presentation and disclosure requirements of the 2018 RICS Professional Statement.
After evaluating the Professional Statement, the researchers identified a series of 17 “must”, “should” and “other” compliance metrics that both captured the main accounting and administrative requirements of the Professional Statement and could be identified via an unbiased, “binary” review of the content within the annual service charge accounts.
”The compliance results for SCOR’s 16 “must” and “should” accounting requirements were slightly disappointing, especially when one considers that many shopping centre landlords and managing agents are actively trying to improve occupier satisfaction. Supplying timely, compliant, transparent, comparable, and well-presented accounting information is essential for maintaining the relationship between tenant and landlord, but SCOR’s compliance results suggest that accounting improvement is needed across most areas.
Dr Andrew HoltMetropolitan State University, Denver
Visit our website to view SCOR for Offices 2021 as well as previous reports.
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