The first International Property Measurement Standards (IPMS) was published by the IPMS Coalition on Monday 24th of November 2014, following an 18 months of work by a group of measurement experts, including two global public consultations and 85 drafts. The IPMS for Office Buildings establishes a consistent methodology for measuring office buildings around the world.
It is the first time chartered surveyors as a sector collaborated in this way to develop internationally adopted standards. Professionals and industry have signaled their intention to start using IPMS, with more than 100 businesses already signed up as advocates for the initiative.
IPMS for Office Buildings fits with RICS' commitment to adopt and implement the very best international standards. Therefore, RICS will update its existing measurement guidance to fully incorporate the new standard. RICS will also provide support during the transition period, raising awareness of IPMS while giving chartered surveyors the tools they need.
As a result, property users, investors, owners and developers will benefit from the consistency that chartered surveyors will be able to offer. Common standards will also benefit international business by de-risking markets.
In the short term, demand for IPMS is likely to stem from international investors and occupiers who require consistent information to compare and benchmark property. As IPMS become more recognisable in the market the coalition expects them to become the preferred method for all end users of measurement data. Ultimately, the goal will be to establish IPMS for all property types to ensure international consistency across real estate.
Why needed?
The globalisation of the real estate industry and the local character of current property measurement practises, has increased the demand from property owners, occupiers and investors for further transparency and consistency in property measurement.
The IPMS for Office Buildings will address the long-standing problem of inconsistency in the way offices are measured around the world, which has led to deviations of up to 24% across different world markets (according to research by JLL). It will mean that, for the first time, professionals and their clients will benefit from a common method for measurement, wherever they are.
IPMS will also provide a consistent measurement of property to meet the requirements of property, service providers and third parties users.It will assist property owners and occupiers in a way to have a better understanding of the space they have available for use. Furthermore, IPMS application will assist property investors to have better clarity on potential investments.
The measurements can be used for a variety of purposes such as valuation, transaction, benchmarking, property financing, building, facility management and research.
About the IPMS Setting Committee
Initiated at a meeting hosted at the World Bank in Washington in May 2013, the IPMS project is the collective work of more than 50 organisations (the IPMS Coalition) which have all committed to using the new standard in their own guidance. The IPMS for Office Buildings has been drafted by an independent Setting Committee to establish a consistent methodology for measuring office buildings around the world. The Committee has produced a comprehensive set of technical questions and answers to support IPMS for Office Buildings.
You can download the IPMS for Office Buildings here