Since January 1st, 2016, there has been a significant change in how office spaces are measured. The International Property Measuring Standard Office (IPMS Office) has replaced the widely recognised Code of Measuring Practice for office space. This new standard is now mandatory for all RICS members and regulated firms worldwide. While the latest Code of Measuring Practice still applies to other property sectors, it’s important to understand the implications and benefits of this transition.
What is IPMS Office?
IPMS Office was created to establish a consistent global approach to measuring office spaces. It ensures that measurements are accurate, transparent, and standardized across borders.
Benefits of IPMS Office: The introduction of IPMS Office brings several advantages:
- Global Consistency: IPMS Office ensures that office spaces are measured in the same way worldwide. This allows for better comparisons and analysis of properties across different regions.
- Transparency and Trust: With standardized measurement practices, IPMS Office promotes transparency, giving tenants and investors more confidence in the accuracy of space measurements.
- Accuracy and Precision: IPMS Office provides more precise and detailed measurements, reducing ambiguity and improving property valuations, lease agreements, and space planning.
- Improved Market Insights: By adopting a globally recognized standard, property professionals have access to comprehensive market data. This enables better analysis of trends, demand, and forecasting in the office real estate sector.
Transitioning to IPMS Office:
For RICS members and regulated firms, it is mandatory to comply with IPMS Office guidelines. It is important to become familiar with the new standard and ensure its implementation in office space measurement practices. RICS offers resources and support to assist professionals in navigating this transition effectively.
The adoption of IPMS Office as the new standard for office space measurement brings global consistency, transparency, and accuracy to the real estate industry. By embracing this standardised approach, stakeholders can make better-informed decisions and have greater trust in the measurement practices of office spaces. While the latest Code of Measuring Practice remains applicable to other property sectors, RICS members and regulated firms must embrace IPMS Office and stay updated with its guidelines. This ensures professionalism and adherence to the highest standards in the evolving office real estate market.
Tags: Commercial Property
