The Royal Institution of Chartered Surveyors (RICS) is pleased to announce the launch of a new global retail measurement standard that informs global benchmarks on measuring retail buildings.
Drafted by the International Property Measurement Standards (IPMS) Coalition, the new IPMS: Retail Buildings is the latest building class in a series of standards that establishes consistent measuring practices for property assets.
Following feedback from previous building classes’ consultations and discussions with many stakeholders over inconsistencies in retail measurement, IPMS: Retail Buildings was developed. This standard will not only provide clarity for those purchasing or leasing retail property but also enable comparison of differing measurement standards by interfacing to IPMS.
Since IPMS was introduced in 2014, a number of professional bodies, governments, property owners, investors and corporate occupiers have begun to realise the benefits of this. RICS professionals are already at the forefront of applying this standard.
“Professionalising measurement practices across all specialisms is paramount for RICS. IPMS has been crucial to supporting our efforts to cultivate a more transparent marketplace with stronger investor confidence and to reducing risk through improving the quality and consistency of data across global markets,” says Alexander Aronsohn, RICS Director Technical Standards.
Globally, retail is owned, developed, used and occupied by multinational companies across the world, making it have a more significant scope internationally than any other property type. With numerous retail projects planned in the region, a common measurement approach is crucial to ensure the standardisation of this sector.
Measurement practices vary substantially across retail markets, with different Floor Area measurements being adopted across the world in construction, transactions and valuations. Through the use of IPMS: Retail Buildings these variances can be removed, allowing Users, Third Parties and Service Providers to make direct floor space comparisons between data derived from different practices.
“IPMS: Retail Buildings will certainly benefit the retailers; both franchise groups and independent retailers, offering them a guide to international best practices that can be used when negotiating with either their existing landlords upon lease renewal or as part of acquiring new locations within the region,” states Anthony Spary, CBRE Director - Head of Investor Leasing.
IPMS: Retail Buildings is the fourth in a series of measurement standards that include IPMS: Office Buildings (published in November 2014), IPMS: Residential Buildings (published in September 2016) and IPMS Industrial Buildings (published in January 2018).
For more information, please contact:
RICS in Middle East:
Lynne Davidson, Communication and External Affairs Director, Middle East & Africa (MEA) on ldavidson@rics.org or Tel: +971 (0) 4 446 2808
About RICS:
RICS is a global professional body. We promote and enforce the highest professional qualification and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. The work of our professionals creates a safer world: we are proud of our profession’s reputation and we guard it fiercely.
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