The IPMS website states currently, the way that property assets, such as homes, offices or shopping centres are measured varies a great deal. For example, in some parts of the world it is common practice to include lift shafts and communal hallways in floor area measurements, whereas in others off-site parking or swimming pools could be included.
According to an article on the Property Wire website from June 2015, the Royal Institution of Chartered Surveyors has recently published its new global standard on measuring residential property for consultation.
The article stated that the RICS is encouraging over 100,000 chartered surveyors and property professionals across the world to have their say on this standard.
This new global standard – the ‘International Property Measurement Standards (IPMS): Residential Buildings’ is the second in a series of global standards which are aimed at the creation of a uniform approach to how property is measured.
It was said that RICS have stated that this is another step in increasing transparency and consistency across global property markets and follows on from the ‘IPMS: Office Buildings’ standard which was launched in November 2014.
The new residential property measurement standard was said to be drafted after the IPMS Coalition (IPMSC), which consists of RICS along with 60 other professional organisations, allocated the task to its independent standards committee.
It has been disclosed that the process of consultation will run until the 30th September 2015 and that property professionals are encouraged to review the standard and provide feedback on it during this period – the consultation document is available at www.ipmsc.org/consultation.
The article quoted a statement from Ken Creighton – Chair of the IPMSC Board of Trustees and RICS director of professional standards saying; “I’d like to stress the benefits this particular standard has for consumers. Owning a home is one of the most important investment decisions we make. ‘IPMS: Residential Buildings’ is therefore critical to promoting market transparency and consistency for consumers globally”.
The article continued to say that once the international standard is finalised, the changes will be reflected in the ‘RICS Code of Measuring Practice’, and that the RICS Property Measurement 1st Edition was launched in May 2015 which includes the ‘IPMS: Office Buildings’ standard and is now the global uniform method for members to measure office space.
It was also said that according to research, office measures could vary by up to 24% dependent on the basis or location of the measurement due to conflicting property measurement standards.
The article concluded with an additional statement from RICS stating “’IPMS: Office Buildings’ provides a uniform, transparent and consistent method to measure commercial property across the world. ‘IPMS: Residential Buildings’ will have the same benefits, especially for consumers”.
This article has shed light on an extremely beneficial opportunity for professionals within the industry to make a difference to the way in which they carry out their practices – more information on International Property Measurement Standards is available at http://ipmsc.org/.