International property standards
From today all RICS professionals undertaking and commissioning property measurements will be required to follow the RICS Property Measurement Professional Statement.
This means that all measurements of office buildings will be done in line with the new International Property Measurement Standard (IPMS).
IPMS is the new global standard that aims to enhance the transparency and consistency in the way property is measured across markets. It was developed by the IPMS Coalition (IPMSC), an independent group of 73 professional bodies from around the world.
In 2014, commercial property transactions were worth an estimated US$1 trillion and globally-agreed standards for measurement is something corporate occupiers, investors and developers, amongst others, are particularly eager to see. The International Monetary Fund, the Dubai government and a number of international property firms and corporate occupiers have already said they will request IPMS for their own premises.
The RICS Property Measurement Professional Statement replaces the Code of Measuring Practice and represents a major advancement in the profession. It will enhance transparency and consistency in the way office property is measured throughout the world.
The IPMS Coalition is currently developing international standards in other asset classes such residential, industrial and retail.
The Wonnacott Partnership can advise on overseas standards. Contact us today