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The Royal Institution of Chartered Surveyors (RICS) launched its first ever international property measurement standards last year, entitled IPMS: Office Buildings. The first internationally adopted standards for measuring office property, IPMS aims to ensure consistency and transparency in the way this information is collected, enhancing public confidence in property valuation, occupation and building use, investor confidence and market stability.

To bring RICS best practice in line with the new international standard, RICS has revealed that it intends on revising its own Code of Measuring Practice - currently in its sixth edition - to reflect IPMS, by adding the Professional Statement for the Measurement of Office Buildings.

The institution thus intends on working with members and their stakeholders to support the transition to the new IPMS standard.

A full consultation on the proposed professional statement will run throughout February 2015 to capture views and feedback from members and other industry stakeholders across the profession.

About IPMS

IPMS are not owned by RICS but are developed and agreed by more than 50 professional organisations from around the world. All organisations will implement the high-level standards through their guidance to members. 

Property measurement information is a vital metric at the heart of the world’s multi-trillion dollar commercial property sector. Consistency in the way this data is produced and reported will create the market conditions required for international investment and business growth. IPMS will de-risk commercial property markets and make them attractive to all property users.

While these standards are created internationally, they are delivered locally. The IPMS consultation will be critical in assessing and responding to the needs of RICS members as we move towards implementing IPMS.

RICS

RICS Europe represents over 6,000 members Europe wide. These professionals provide expert advice on land, property, construction and the associated environmental issues. An independent organization, RICS Europe acts in the public interest, upholding standards of competence and integrity among its members and providing impartial, authoritative advice on issues affecting business and society.