RICS updates global measurement standard to reflect new residential practices

RICS has updated its Property Measurement Professional Statement to incorporate the International Property Measurement Standards (IPMS): Residential Buildings.

RICS Property Measurement 2nd Edition, the updated professional statement, incorporates existing International Property Measurement Standards, (IPMS): Office Buildings and IPMS: Residential Buildings. RICS professionals will use it to deliver office and residential building measurements in line with globally evolving trends in the sector.Understanding property assets is vital to all stakeholders, from investors and developers to owners and occupiers. However, property measurement differs from one market to the next. Over 85 international professional bodies – through the International Property Measurement Standards Coalition – worked collaboratively to develop IPMS, to address this problem. IPMS provides a consistent approach for measuring all types of buildings, depending on the property type and purpose of use. Uniform, internationally benchmarked property measurements foster market confidence, and drive increased transparency and consistency.

Alexander Aronsohn, RICS Director, Technical Standards, said:

“RICS professionals are already at the forefront of delivering globally-agreed professional standards for property measurement. By expanding the RICS Property Measurement Professional Statement to include IPMS: Residential Buildings, RICS professionals continue to adhere to current professional standards, in delivering office and residential building measurements to clients, developers and investors in every market in the world.”

RICS Property Measurement 2nd Edition has an added benefit for software developers and those who use or produce property measurement data. It includes the RICS IPMS data standard which improves how the data attributes and elements of an IPMS measurement is captured. The new framework is embedded in the professional statement in XML format and is available with further documentation at www.rics.org/propertymeasurement.

RICS members and RICS regulated firms will have time to acquaint themselves with the updated professional statement before it becomes mandatory to use on 1 May 2018.

RICS will continue to update its property measurement professional statement over time with the IPMS Coalition developing benchmarks for other asset classes, including those for industrial, retail, and mixed-use buildings.

Kindly shared by the Royal Institution of Chartered Surveyors (RICS)