Plowman Craven Director, Peter Folwell, highlights an important update to the RICS Property Measurement.
From the 1st May 2018 the RICS Property Measurement 2nd Edition will become effective. This new edition mandates the way both office and residential space is to be measured and incorporates the next in the suite of International Property Measurement Standards: Residential Buildings.
This means the Code of Measuring Practice, 6th Edition (COMP), is no longer the standard default for both of these property types. The new code offers a number of new concepts, with changes to the general body of the text helping provide greater clarity as the document develops.
For example, there is more emphasis on distinguishing between mandatory matters, with which RICS Members and regulated firms ‘must’ comply, and those which are deemed best practice and ‘should’ be complied with.
Compared to the Code of Measuring Practice (COMP) 6th Edition, the new code offers a broader spectrum of residential space reporting. While keeping the basis of the concepts introduced for office property – such as Internal Dominant Face and Limited Use Areas - it splits IPMS 3 - Residential into three more classifications. These are:
- IPMS 3A (similar to GEA)
- IPMS 3B (similar to GIA/NSA)
- IPMS 3C (similar to EFA).
Since the mandate of the 1st Edition, the majority of our office measurement has been provided as dual reports – offering both IPMS and COMP - and I don’t see this changing in the near future. The use of the 6th Edition is still predominant as it is hard to find IPMS comparable examples for valuation and the incomplete nature of the RICS Property Measurement Statement, by not including Retail or Industrial, renders it not applicable in certain situations
I see a greater momentum and acceptance of the RICS Property Measurement as the other property types are incorporated. We will see the IPMS for Industrial released at the end of this month and Retail consultation papers within Q2. Consequently, the completion and incorporation of all types into the RICS Property measurement should be months rather than years away from completion.Peter Folwell, Director - Plowman Craven
For more details on the changes, take a look at our comprehensive data sheet that will help to clarify the new terminology and what’s covered by the new edition. Having assisted RICS throughout the publication process we’re currently helping both new and existing clients wanting an immediate identification of the differences between IPMS and COMP reported figures.
Please contact us directly if you would like a personal presentation from one of our RICS-accredited referencing experts.
IPMS Residential Buildings (PDF 1MB)