IPMS (International Property Measurement Standard)
Since 1st January 2016, the measurement and reporting of office space in the UK is based on the new RICS standard, RICS Property Measurement 1st Edition May 2015. The reporting of office space through the Code of Measuring Practice, 6th Edition (COMP) no longer applies as the default standard unless by way of direct client instruction.
The new standard reflects the International Property Measurement Standard (IPMS): Office Buildings published in November 2014.
Plowman Craven assisted RICS throughout the process of publication and has considerable knowledge on its content and application.
The benefits of IPMS are:
- Increased transparency of property data
- Consistent language for the property world
- Reduces risk, facilitating international trade in property
- Easier property portfolio benchmarking
- Greater credibility for valuation professionals world-wide (www.ipmsc.org)
What’s the difference?
Incorporating IPMS within the new RICS code immediately introduces concepts, such as Internal Dominant Face (IDF) and limited use areas, which have a considerable effect on how usable areas are reported. New terminology and considerations have been introduced, so if you would like to know more then please contact us to arrange a presentation by one of our RICS accredited area referencing experts.
IPMS: Residential Buildings has now been published too, so key aspects of that standard can be outlined in advance of their incorporation within RICS Property Measurement during 2017.
To learn more about IPMS please contact us to arrange a presentation by one of our RICS accredited area referencing experts.