The International Property Measurement Standards (IPMS) Coalition established the Standards Setting Committee (SSC) to develop a single international measurement standard to unite global knowledge of property measurement standards from all built environment participants.
What is the new IPMS standard?
In contrast to its predecessors, which only addressed specific asset classes, IPMS All Buildings is the most recent International Measurement Standard that applies to all buildings. All previous IPMS documents have been superseded by this new standard, which consolidates the principles and goals of previous IPMS versions into one consistent standard. This indicates that property will be measured in a consistent manner across all markets for the first time. IPMS All Buildings can be used on any building type, regardless of how they are used or who occupies them.
When was IPMS All Buildings adopted?
IPMS All Buildings was adopted on the 15th January 2023, Nonetheless, prerequisites for the execution of IPMS within markets is given by the Coalitions members, similar organisations to the RICS such as Royal Institute of British Architects and Swiss Surveyors Association, who are focused on consolidating IPMS All Buildings in the measurement standards issued to members. As a result, the RICS will now collaborate with its members to draft a new measurement standard that incorporates the ideas into the RICS Property Measurement Standards.
Why was a global standard required?
IPMS All Buildings facilitates more accurate benchmarking for occupiers, empowers local and international investors, and allows for greater measurement compliance across nations in light of our increasingly globalised world. Property professionals can use a consistent set of property measurement information in their appraisals irrespective of location when there is a worldwide property measurement standard like IPMS All Buildings, allowing for real comparable data. It is anticipated that other industries will adopt IPMS All Buildings to assist in the tackling of global challenges such as the reduction of carbon emissions.
How can we help you?
Accurate measurements of your property can assist in all manner of property transactions from sales and lettings to business rates assessments and insurance reinstatement valuations. As a firm of chartered surveyors, we have experience measuring all types of commercial property and can ensure you hold accurate measurements.
Recent Successes
Parkinson Real Estate were instructed to complete measured surveys of distribution warehouses in Heywood and Northampton to provide the client with accurate measurements and floor plans as part of pre-acquisition due diligence. The client had undertaken their enquiries and offered prices based upon the areas provided by the agent. Both sites were found to be smaller floor areas than those advertised by the marketing agent.
At Heywood, Parkinson Real Estate’s senior surveyor Karl Overton identified a difference of -296 sqft, and at Northampton he identified a difference of -733 sqft. These can have significant impacts to rental and capital values when the purchase prices reflected values in excess of £60 psf. The feedback we received from the client was positive and supported their progression with more comfort for their long-term hold purchase.
Contact us?
If you have a measured survey requirement, please contact Karl Overton within our Lease Advisory team.
Karl Overton BSc (Hons) MRICS
Senior Surveyor – Lease Advisory
M: 07852 256 923
E: karl.overton@parkinsonre.com
