As part of the development on a single international measurement standard, an independent entity within the IPMS Coalition, the Standards Setting Committee (SSC), was formed to bring together worldwide knowledge of property measurement standards across a variety of disciplines, from architecture to quantity surveying. As one of the 18 experts in the committee, our Head of area referencing, Tom Pugh, tells us more about their newly released standard.

What is the new IPMS standard?

IPMS All Buildings is the newest International Measurement Standard covering all buildings, unlike its predecessors which related to specific asset classes only. This new standard supersedes all prior IPMS documents and builds on the concepts and objectives contained in previous versions of IPMS into one harmonised standard. It means that for the first time, property will be measured in a consistent way around the world, applying to all markets. IPMS All Buildings is applicable to all types of buildings independent of their use or their occupation.

When does IPMS All Buildings become effective?

Effective from 15 January 2023, IPMS All Buildings replaces all previously published IPMS Asset Standards from this date.

However, requirements for the implementation of IPMS within markets is provided by the Coalition members, like the RICS, who are committed to incorporating IPMS All Buildings in the measurement standards issued to their members. Therefore, the RICS will now work to draft a new measurement standard to incorporate the concepts into RICS Property Measurement Standards and consult its members.

Why do we need a new standard?

As we live in a much more connected world, IPMS All Buildings provides greater flexibility in measurement throughout countries, allows cross border comparison, encourages local and international investors, and simplifies benchmarking for occupiers.

In addition, IPMS All Buildings is also seen as an important tool in the worldwide drive to reduce carbon emissions. With a consistent worldwide property measurement standard like IPMS All Buildings, it means that property professionals can use a consistent set of property measurement information going into calculations no matter where you are in the world allowing for real comparable data.

To learn more about the new standard, get in touch with our IPMS expert, Director Tom Pugh, or visit https://ipmsc.org/standards/.