International Property Measurement Standards (IPMS) is an initiative to agree to international standards for the measurement of property across all sectors. International property measurement standards for the office, industrial & residential sectors are already in place with retail buildings currently in the consultation process.
As an approved international property measurement standards measurement partner, Michael Gallie & Partners have regularly advised our clients on the use of IPMS measurement standards for the measurement of buildings.
What is the reason for IPMS Measurement?
The simple answer is to standardise the measurement of buildings across the world so that people can compare a building measurement carried in the UK to say a building measurement carried out in China without any ambiguity. Currently, many regions around the world use their own local building measurement code to calculate floor areas, which can make it difficult for property professionals to compare one measurement against another.
What is the uptake in IPMS Measurement?
At Michael Galle & Partners, we have seen a gradual but not immediate uptake of the International Property Measurement Standards measurement code since RICS introduced it in 2016. Many landowners that have large existing property portfolios, especially in London tend to prefer that their buildings are still reported in the traditional RICS code of measuring instead of international property measurement standards measurement code. This is completely understandable if you only have buildings in one region and would prefer to compare the measurement of your buildings all in the same measurement code instead of introducing another new measurement code. New buildings, especially in the office sector, is where we have seen the greatest uptake in IPMS measurement code but even then, the client normally requires us to also report the traditional RICS measuring code as well.
What is the future of IPMS Measurement?
We are currently still in a transitional period whereby we are having to double report IPMS measurement code and the traditional RICS measuring code. This is, unfortunately, increasing the cost of building measurement when we double report two separate measurement codes. IPMS measurement code was introduced over 4 years ago so there is a slight concern that the IPMS measurement code could just end up another code as opposed to the de-facto and only code used to report the measurement of buildings. As an RICS regulated firm, it is mandatory for Michael Gallie & Partners to report the IPMS measurement code when measuring buildings, so I would hope in the near future that the international property measurement standards measurement code will eventually become the only code reported for measurement of buildings.
Michael Gallie & Partners are regulated by the RICS and can provide you with the added assurance of having industry-leading £10 million Professional Indemnity insurance cover. We also provide an independent duty of care undertaking on all our international property measurement standards measurement reports.