IPMS (International Property Measurement Standard)
Effective from the 1st May 2018, the RICS Property Measurement 2nd Edition mandates the way both office and residential space is to be measured. It incorporates the next in the suite of International Property Measurement Standards: Residential Buildings, as well as the IPMS: Office Buildings published in November 2014.
This means the Code of Measuring Practice, 6th Edition (COMP), is no longer the standard default for both of these property types.
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.
To learn more about IPMS please contact us to arrange a presentation by one of our RICS accredited area referencing experts.