Are Your Measurements Correct?
From 1st January 2016 all office building measurements should be being completed in line with the International Property Measurement Standards (IPMS): Office Buildings.
The way properties across the world are measured varies dramatically and this makes it difficult to accurately compare space. Research suggests that, depending on the method used, a property’s floor area can deviate by nearly 24% – showing the need for an international standard.
What is IPMS?
International Property Measurement Standards (IPMS) is the global standard that aims to enhance the transparency and consistency in the way property is measured across different markets and countries.
It was developed by the IPMS Coalition which is an independent group of 70 professional and not-for-profit organisations from across the world.
The IPMS Coalition are working on a number of standards and In November 2014 the IPMS: Office Buildings was introduced. As of the 1st January 2016, this became mandatory for all RICS professionals.
What are the benefits?
There are numerous benefits to having an international measurement standard for office buildings.
- It provides a uniform and transparent method to measure commercial property across the world.
- It allows for ease of cross-border comparison and regulation.
- It provides a consistency in the way office property is measured throughout the world.
- It becomes best practice, providing a recognised level of accuracy and quality.
- It provides stronger investor confidence and greater public trust.
- A globally agreed standard for measurement is something that investors, developers and occupiers are eager to see.
Do I have to comply?
All RICS professionals should have been following the RICS Property Measurement Professional Statement (which incorporates the IPMS) since the start of the year, which replaces the Code of Measuring Practice (COMP).
To assist, there is a free online convertor tool that allows RICS professionals to automatically convert the IPMS measurements back into local equivalents https://ipmsconverter.rics.org/.
Terrain Surveys undertake measured building surveys of commercial offices to enable these requirements to be satisfied. If you are planning a commercial building survey, check with your surveyor whether their output will comply with IPMS.
RICS Property Measurement Professional Statement and the IPMS: Office Buildings, only relates to commercial property.
It is just the first step towards international standards and the IMPS Coalition are currently developing further international standards in other asset classes such as residential, industrial and retail
For more information, please contact Neil Armstrong on 01438 841300.