A new standard to inform global benchmarks on measuring retail buildings is now open for consultation.
The International Property Measurement Standards (IPMS) Coalition has drafted the new IPMS: Retail Buildings, the latest building class in a series of standards that establishes consistent measuring practices for property assets.
The IPMS Coalition consists of more than 80 professional and standards-setting organisations from around the world. The coalition is leading a ground-breaking project to create and then embed globally benchmarked standards for measuring buildings.
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).
“The goal of IPMS is to develop and embed a measurement standard that is understood globally and can therefore provide confidence and consistency to the industry. As a property type, retail is very international in nature because it is usually owned, developed, used and occupied by multinational companies across the world. A common measurement approach is particularly beneficial to these parts of the property sector and I hope that all industry stakeholders will support our efforts by commenting on and sharing the consultation document.”
Lisa Prats, Chair of the IPMS Coalition
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 IPMS. 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. As a member of the IPMS Coalition, RICS has already integrated IPMS: Office and Residential Buildings into the RICS Property Measurement Professional Statement 2nd Edition. We encourage RICS professionals to consult on the latest building class, IPMS Retail, which will in due course, be reflected in the latest update to the Professional Statement.
Alexander Aronsohn, RICS Director Technical Standards
The consultation will run until 10 August 2018 and can be accessed here: www.ipmsc.org/consultation.
About RICS
RICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards - bringing confidence to markets and effecting positive change in the built and natural environments.
For more information, please contact:
RICS in Middle East:
Lynne Davidson,
Marketing & Communications Manager on ldavidson@rics.org or Tel: +971 (0) 4 391 3675
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