RICS Publish New Professional Statement – “The International Property Measurement Standard”

13th January 2016

With effect from 1 January 2016, the RICS published their new Professional Statement – The International Property Measurement Standard (IPMS) which replaces the Code of Measuring Practice for office accommodation. It is now mandatory for all RICS Members and we are encouraged to promote the use of IPMS to the effect that both Valuation Reports and property marketing literature should include IPMS areas alongside Net Internal Areas in reporting.

If IPMS floor areas are required, then we request you provide us with IPMS3 office areas or confirm you are happy for us to commission the services of a professional measurement company to provide them, which will be at a cost in addition to the valuation fee.

If you are happy for the valuation report or marketing to be prepared incorporating Net Internal Area information only, then you can do so by confirming your preference in writing at the start of each instruction.

Please note the measurement of industrial, retail and residential properties are unaffected by this change.

If you have any questions or concerns about this then please contact Richard Sutton at NG.

To find out more, feel free to contact us, give us a call on 0115 958 8599 or email [email protected].