Contact our offices
5 & 6 BAILEY COURT
COLBURN BUSINESS PARK
Estate Agency Offices are located in
BARNARD CASTLE, BOROUGHBRIDGE & RICHMOND
Residential Management Team
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: firstname.lastname@example.org