The Standard Setting Committee (SSC) of the Coalition are happy to respond to technical questions on the interpretation of IPMS All Buildings and can be contacted directly via standards@rics.org
What is IPMS?
IPMS stands for International Property Measurement Standards. It is a new, principles-based, international standard which specifies how to measure property assets. It means that for the first time, property will be measured in a consistent way around the world. IPMS does not define the units of measurement (e.g. feet and metres) but instead what is included in the measurement of property floor space.
What is an international standard?
In the context of the work being undertaken by the IPMSC, an international standard is something which has been established and agreed at the international level and which is implemented and delivered locally. The standard itself is owned by the IPMSC and not by any one organisation. Professional organisations subscribe to the shared international standard and commit to its use and implementation through their memberships.
How does an international standard work?
Developed and agreed (in coalition) at the international level, an international standard provides high-level and universal rules. Professional institutions incorporate these high-level rules within their own guidance, and all participate in the implementation of the shared international standard through their respective memberships.
What is IPMS All Buildings?
IPMS All Buildings is an international measurement which applies to all markets. IPMS supersedes all previously published IPMSC standards for individual asset classes by utilising the concepts and objectives contained in those specific versions of IPMS into one harmonised standard. IPMS All Buildings is applicable to all types of Buildings independent of their use or their occupation.
What are the benefits of using IPMS All Buildings?
Short answer – confidence and consistency in property measurement. Broadly, IPMS will:
- provide a mechanism for benchmarking property measurement information across international markets.
- provide a common and transportable method for property practitioners to use.
- enable all occupiers, investors, and owners the ability to benchmark their property assets without needing to spend significant sums of money and resource calibrating space measurements.
- provide greater transparency and consistency to all property users, wherever they are located.
- provide consistency in the data which sits alongside valuations and financial reporting.
- provides fundamental economic building block of all property metrics used in operation, leasing, acquisition, deposition, and many other types of valuation.
What is the Effective Date of IPMS All Buildings?
IPMS All Buildings is effective from 15 January 2023 and replaces all previously published IPMS Asset Standards from this date. However, requirements for adoption of implementation of IPMS within markets is provided by the Coalition members who are committed to incorporating IPMS All Buildings in the measurement standards issued to their members.
Can I use previous IPMS Building Standards?
Previous IPMS measurement standards can be used for all IPMS measurement instructions received before the 15 January 2022 and for a review of historic measurement instructions using a previous version of IPMS. However, for all IPMS measurement instruction including and from 15 January 2023 IPMS All Buildings must be used.
How will IPMS All Buildings work in markets with existing measurement standards?
IPMS will become established over time as property users come to understand the benefits of using a common method for measuring property assets. In some markets it is probable that existing standards will remain in place and may at first be complemented by IPMS All Buildings.
How will IPMS All Buildings work in markets with existing measurements laws?
IPMS will always be secondary to any legally mandated requirements. Where possible, the Coalition will undertake to work with governments to review and update laws to reflect IPMS.
Why not stick with the established measurement methods?
Whilst existing measurement methodologies may not themselves be incorrect or, at a local level, inappropriate, the lack of an internationally consistent approach is detrimental to the increasingly global nature of property markets. At present, the many ‘standards’ that exist only contribute to greater uncertainty and confusion. Local/regional standards are likely to remain in some markets. However, IPMS will offer those parties that are interested in cross-border markets and transactions the benefit of consistent international standards.
How will IPMS All Buildings be implemented?
IPMS All Buildings is a publicly accessible standard which is available to download online. The Intellectual Property for IPMS is owned and protected by the IPMS Board of Trustees. IPMS Coalition organisations will be responsible for ensuring their respective memberships are using IPMS appropriately. Many Coalition members have already written IPMS into their measurement practices and standards and in due course IPMS All Buildings will become mandatory for Coalition members and will be regulated.
IPMS will be implemented by all organisations of the IPMS Coalition. The standards will provide details on how measurements should be carried out by practitioners. Many of the Coalition organisations are developing additional training and guidance for professionals to use.
IPMS is implemented around the world through proactive engagement by Coalition members with the memberships, key accounts, and relevant national stakeholders (governments, banks, associations etc.).
As with any major global initiative on this scale, it is anticipated that IPMS will become established in all property markets over time, being used initially alongside existing measurement standards.
What are the costs to me of using IPMS All Buildings?
IPMS All Buildings is available, free to an individual or organisation. There are no costs incurred in requesting or using IPMS All Buildings to measure property. Organisations that use IPMS All Buildings can seek additional guidance and support from any of the Coalition organisations that have signed up to implement the standards.
Why are professional organisations leading this work?
With Coalition members covering property markets throughout the world, professional organisations are well placed to understand the existing challenges brought about through multiple measurement standards. Professional organisations have the ability to come together to develop standards which are in the public interest, and which represent international best practice. These organisations are also able to support and guide their own members to deliver the new standard and thus ensure it is adopted widely and consistently.
Is IPMS All Buildings available in other languages?
IPMS All Buildings is published in English by the IPMS Coalition. Member organisations of the Coalition will be translating IPMS All Buildings into other languages and these are likely to be over the next few months. However, in the case of a dispute in relation to Interpretation of IPMS All Buildings then the English version will be the primary point of reference.
Do I need a specialist measurement qualification for IPMS All Buildings?
No. There is currently no requirement for a specialist measurement qualification to use IPMS All Buildings.
Is IPMS mandatory?
No. It is up to each coalition organisation to decide the status of IPMS All Buildings in respect of its members. However, a number of coalition organisations are expected, in time, to make this a mandatory requirement for their members.
My market has existing established measurement standards so why should I be concerned with IPMS All Buildings?
IPMS All Buildings provides greater flexibility in measurement, throughout countries, allows cross border comparison, encourages local and international investors and simplifies benchmarking for occupiers. For these reasons IPMS All Buildings will be demanded by investors, financial institutions, and occupiers and will provide commercial advantages to both users and their advisers.
In practice IPMS All Buildings incorporates all measurement via Components Areas and measurements in IPMS All Buildings can be easily translated between national standards or used in parallel with them. So, the real question; is “why would you not use IPMS All Buildings alongside existing codes for measuring buildings?”
There are specific government measurements requirements within my market, which differ from IPMS All Buildings so how can I use IPMS All Buildings?
IPMS All Buildings can be used in conjunction with local and national standards for markets that have differing measurement requirements. A dual reporting basis can be adopted.
Measurements undertaken using IPMS All Buildings provide sufficient information to enable translation across national measurement standards. It is possible for a user to report measurements in both IPMS All Buildings and any relevant government requirement.
Service providers need to be aware that in certain markets there may be areas in buildings that are incapable of occupation in the light of government regulation or labour legislation. Such areas and their limitations are to be identified, measured and stated separately within IPMS reported areas and are known as ‘Limited Use Areas’.
My Building comprises an original building with a later extension. How do I separate these measurements?
IPSM All Buildings recommends that all measurements are supported by drawings and though there is no specific requirement to separately identify a later extension it may be convenient to use separate spreadsheets for clarity.
My property comprises a complex of buildings. How do I use IPMS All Buildings?
Under IPMS buildings are to be measured individually and reported on a floor-by floor or occupier by occupier basis.
There are numerous measurement requirements, which operate in my market. How can I use IPMS All Buildings and comply with local legislation?
IPMS All Buildings can be used in conjunction with local and national standards for markets that have differing measurement requirements. A dual reporting basis can be adopted.
Measurements undertaken using IPMS All Buildings provide sufficient information to enable translation across individual and national measurement standards. It is possible for a user to report measurements in both IPMS and the relevant government requirement.
International Property Measurement Standards (IPMS) 