IPMS stands for International Property Measurement Standards.
“IPMS for Office Buildings” has been published by the Standards Setting Committee, to establish a consistent methodology for measuring the floor areas of office buildings around the world.
In January 2016, the RICS adopted the standard and introduced IPMS as the mandatory method of measurement for all office buildings.
It is thought that the measurement will also eventually extend to residential, industrial and retail properties, in coming years.
The main benefit of the implementation of IPMS will be the improved accuracy and consistency of measurements captured during a survey, resulting in more reliable data being produced across the board.
The new guidelines incorporate the use of IPMS 1, 2 and 3, which have replaced the previous methods of Gross External/Internal and Net Internal Area, here in the UK.
Prior to the implementation of the standards, the measurement standard could often differ depending upon the surveyor, valuer or estate agent, and the country that they operated in. This could cause confusion and inconsistency within the property industry.
70% of global wealth is within property, and the new standards will create a benchmark for all involved to follow, creating a more transparent and consistent marketplace.
The new standards are mandatory as of January 2016 and therefore unless instructed otherwise, Surveyors must adopt IPMS when measuring office buildings. Dual reporting may be necessary initially, as a time for adaptation and familiarisation will be required within the industry. By producing both IPMS and GEA/GIA/NIA measurements, a clear understanding can still be made when using comparables that were measured prior to January 2016.
IPMS 1 vs. GEA (Gross External Area)
IPMS 2 vs. GIA (Gross Internal Area)
IPMS 3 vs. NIA (Net Internal Area)
Lea Hough Chartered Surveyors have specialist knowledge of commercial property. We measure and assess offices and all types of commercial property on a daily basis and we understand the requirements of the new measuring standards. We work closely with purchasers, landlords, and tenants and we advise on a wide range of commercial property issues including measured surveys, drawings, Lease Plans, Valuations, Pre-acquisition surveys, Dilapidations, and Rent reviews.
Please contact our Chartered Surveyors on Tel: 01772 458866 or Email: email@example.com should you require our assistance with your commercial property requirements.