Do you measure up?
A replacement of the Code of Measuring Practice 6th Edition is set to come into force on 1st January 2016.
The code will be replaced by “Professional statement: office measurement, being Part 1 of RICS property measurement 1st edition May 2015” to bring a global standard for the measurement of offices, followed later for retail, residential, industrial property and land.
IPMS (International Property Measurement Standards) will replace Gross
External Area (GEA), Gross Internal Area (GIA) and Net Internal Area (NIA) becoming IPMS 1, IMPS 2 and IPMS 3 respectively.
The differences include:
GEA/IMPS 1: Comparable, however balconies and roof terraces will be included.
GIA/IMPS 2: Areas occupied by windows are measured to the glass if the area of the window covers more than 50% of the wall.
NIA/IPMS 3: Columns are included; partitions on multi tenanted floors are measured to the middle of the partitioning.
The new standards will be mandatory for all RICS members.
It is yet unclear whether properties need to be remeasured to fall in line with the new standards for say the 2017 Rating Revaluation.