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New standards for commercial property will increase market stability
Published November 11th, 2014
A new scheme to standardise property measurement could boost investor confidence in commercial property and increase market stability.
New International Property Measurement Standards (IPMS) will be launched this year with the office sector being the first to be standardised.
“A group of professional and not-for-profit organisations from around the world – the IPMS Coalition – was set up in May 2013 with the aim of embedding a single property measurement standard to ensure consistency, a transparent marketplace, investor confidence, and increased market stability,” explained Duncan Batty, commercial property surveyor at Berrys based at Towcester.
“Commercial property has various methods of measurement for example GIA/NIA/GEA and we are generally governed by the Code of Measuring Practice.
“The problem is at the moment aspects of what to include and what not to include differ when measuring different types of buildings and for different purposes in different countries.
“Indeed, research has shown that a property’s size can deviate by up to 24 per cent which is of concern to many, particularly for those investors with portfolios inside and out of the UK,” Duncan explained.
The new IPMS for offices was identified as the first class of property to be standardised and detailed guidance on how to use IPMS when measuring office buildings will be published in October 2014.
The launch of IPMS for Offices will followed by IPMS for Industrial, Retail, then Licensed and Leisure with Residential Property completing the IPMS portfolio.
For more information contact Duncan Batty at the Towcester office of Berrys on 01327 356148, email: firstname.lastname@example.org