IPMS Explained

Fri, 12/11/2015 - 14:55

By Online Academy

Tom Pugh MRICS, Associate at Malcolm Hollis LLP, gives an overview of the new International Property Measurement Standard (IPMS) for Offices, which becomes mandatory in January 2016.

He offers key insights into the forthcoming changes and the investment benefits they will bring.  

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Comments

Submitted by Kim Weng Kong on Wed, 12/30/2015 - 13:57

Apart from IPMS, is there any International QS Measurements Standard in terms of GFA or CPA definition for all the QS Members. If yes, why there are so many versions of GFA or CPA in Asia Pacific Region alone ?

Submitted by Martin Connolly on Mon, 01/04/2016 - 16:03

Sorry to appear negative, but in the UK we have only just about been able to get "the market" to understand GIA and NIA and this now introduces new terms which I doubt are as intuitive. The layperson generally understands the concepts of Gross and Net. We shall however persevere and tow the party line as it were! At grass roots surveying level, I am not sure the new standard will be of assistance. If they have not already, I hope that RICS will make representations to the banking industry so that they follow suit and change their standard report formats and instruction letters accordingly. There will be conflicts where the banks' Standard terms do not match the new standard.

Submitted by skaur2 on Tue, 01/05/2016 - 15:57

Thank you for your comments, Martin. We have passed this to the relevant team internally who have responded with the below information. 

"‘IPMS1’ correlates closely with GEA and ‘IPMS3’ correlates with NIA. In the early stages RICS anticipates that measurements will likely be reported as both IPMS1/3 and GEA/NIA – the free online converter tool will allow practitioners to do this easily by converting their IPMS measurements into Code of Measuring Practice equivalents. The terms IPMS1/2/3 were used to achieve an international consistency in place of myriad other terms including, in the UK, GEA and NIA.

RICS and the entire IPMS Coalition are working closely with banks, governments and regulators to introduce the standard as a means of ensuring transparency in property measurement."

Kind regards,

RICS Training.