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COLBURN
5 & 6 BAILEY COURT
COLBURN BUSINESS PARK
RICHMOND
NORTH YORKSHIRE
DL9 4QL

01748 897 630

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BARNARD CASTLE, LEYBURN, STOKESLEY & BOROUGHBRIDGE

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01748 829210

Commercial Property

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International  Property Measurement  Standards  –  Change  around  the corner for global property and real estate.

The International Property Measurement Standards Coalition (IPMSC) has recently launched a public consultation  on  a new  international  measurement  standard  and  has  also  appointed  a  Board  of Trustees.  Initially, the IPMSC has launched a public consultation on the new International Property Measurement Standard (IPMS) for office buildings.

Currently,  all  RICS  registered  firms  must  adhere  to  the  current  edition  (6th)  of  the  RICS  Code  of Measuring  Practice,  which  provides  succinct,  precise  definitions  to  RICS  Valuers,  which  permits accurate  measurements,  calculations  of  sizes,  and  descriptions  or  specifications  of  land  and buildings.

The  three-month  consultation,  closing  on  04  April  2014,  is  calling  for  real  estate  (office)  sector practitioners  and  stakeholders  to  contribute  to  the  new  international  standard,  which  will  be  the first  of  its  kind  and  will  provide  a  common  language  for  measuring  offices  across  international markets,  benefiting  real  estate  practitioners  including  investors,  lenders,  agents,  valuers  and occupiers.

The  international  standard  will  ensure  that  property  assets  are  measured  in  a  consistent  way, creating  a  more  transparent  marketplace,  greater  public  trust,  consistency  in  the  reporting  of property size, stronger investor confidence, and increased market stability.

At  present,  the  way  property  assets  –  such  as  homes,  office  buildings  or  shopping  centres  –  are measured  varies  dramatically  from  one  market  to  the  next.   With  so  many  different  methods  of measurement  in  use,  it makes  it  difficult  for  global  investors, occupiers  and  tenants  to  accurately compare space. Research by a major global property firm  suggests that, depending on the method used, a property’s floor area measurement can deviate by as much as 24%, which can obviously have a significant effect on both rents and capital values.

The  view  from  the  RICS  is  that  ‘IPMS  marks  a  step  change  in  the  way  professional  standards  are created, making them more relevant to the modern and highly-connected world in which we live and practice as professionals. RICS and Chartered Surveyors should be proud to be at the forefront of a project such as this which will lead to greater transparency and consistency and will be recognised widely as the industry best practice.  This consultation gives Chartered Surveyors the opportunity to help shape and influence IPMS and it is encouraging all members to engage with and participate in this process over the coming months’.

David Cooper  tel: 01677 422400 email: dpc@gscgrays.co.uk

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