Why did the RICS introduce international property measurement standards?

An International Property Measurement Standard (IPMS) will ensure that property assets are measured in a consistent way, creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.

Which IPMS standards are adopted by RICS?

2. RICS IPMS data standard. This document reflects the IPMS standards (IPMS: Office Buildings and IPMS: Residential) and will be updated over time to comply with other IPMS standards, including industrial, retail and mixed use, as they are published.

What IPMS standard can be used for all property types?

IPMS 1 applies to all building classes including office, residential, retail, industrial and mixed use.

What is IPMS 3A for residential measurement?

IPMS 3 – Office, which equates somewhat to the former NIA (net internal area). IPMS 3A – Residential, which equates somewhat to the former GEA (gross external area). IPMS 3B – Residential, which equates somewhat to the former GIA (gross internal area).

Who are the international property measurement standards coalition?

The International Property Measurement Standards Coalition (IPMSC) is a group of professional and not-for-profit organisations from around the world, working together to develop and implement international standards for measuring property.

What are the international standards for RICS Valuation?

Part 6: International Valuation Standards 118 iiRICS Valuation – Global Standards RICS Valuation – Global Standards1 Preface

Which is IPMS standard does RICS comply with?

RICS IPMS data standard This document reflects the IPMS standards (IPMS: Office Buildings and IPMS: Residential) and will be updated over time to comply with other IPMS standards, including industrial, retail and mixed use, as they are published.

Why are international property measurement standards ( IPMS ) important?

International Property Measurement Standards (IPMS) An International Property Measurement Standard (IPMS) will ensure that property assets are measured in a consistent way, creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.