The UK Government has announced that it will adopt the RICS professional statement and measure its estate to new International Property Measurement Standards for Offices (IPMS: Office Buildings).
IPMS: Office Buildings is a new international standard which sets out how to measure property assets. It means that for the first time, property will be measured in a consistent way around the world, enabling international occupiers, investors and owners to benchmark their property assets without needing to spend significant sums of money and resource calibrating space measurements. The announcement comes as part of the Government’s drive to create a more modern, efficient and smarter workplace.
A globally applicable measurement
Research has shown the difference in the measurement of floor space between one country and the next can be as much as 24%. Our professionals will now have access to a method of measurement that is globally applicable, allowing them to offer consistency to the global measurements offered to their clients.
IPMS: Office Buildings is the first in the series of International Property Measurement Standards. It refers to a common methodology for measuring the space within an office property. IPMS: Office Buildings will set out what should, and what should not be included when measuring office floor space. It will be followed by chapters focusing on other property classes.