RSUA supports initiative to standardise property measurement internationally

RSUA Council has this week endorsed a worldwide initiative to standardise property measurement standards.

At present, the way property assets – such as homes, offices or shopping centres – are measured varies dramatically.  For example, in some parts of the world it is established practice to include common space (lift shafts; communal hallways etc) in floor area measurements; in others off-site parking might be included or even swimming pools.

With so many different methods of measurement in use, it makes it difficult for property users, investors, occupiers and developers to accurately compare space.  Research by global property firm JLL shows that, depending on the method used, a property’s floor area can deviate by as much as 24%.

The International Property Measurement Standards Coalition (IPMSC) is an international group of professional and not-for-profit organisations working together to develop and embed a single property measurement standard.

The Royal Institution of Chartered Surveyors (RICS) is leading the drive in Northern Ireland for the adoption of the International Property Measurement Standard (IPMS). RICS will be adopting the IPMS in 2016.

An IMPS will ensure that property assets are measured in a consistent way, creating a more transparent market place, greater public trust, stronger investor confidence, and increased market stability.

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