Changes to Office Measuring Standards: RICS.
Date: 16/10/2015 | Commercial Property
From 1 January 2016, new mandatory standards for measuring offices will come into effect for all members of the Royal Institution of Chartered Surveyors (RICS).
The intention behind the new International Property Measurement Standards (IPMS): Office Buildings is to encourage a common international standard of measurement.
One major change is that the familiar terms Gross External Floor Area, Gross Internal Floor Area and Net Internal Floor Area will be replaced with the new concepts of IPMS 1, 2 and 3.
The new standards should be considered not only for measuring up but also during the drafting of Agreements for Lease, Development Agreements, and when considering rent review clauses. IPMS is not retrospective so it won’t apply to leases already in place, however any office premises being measured on or after 1 January 2016 will need to be measured in accordance with the new standards.
Further IPMS standards including residential, industrial and retail will follow in due course, with the RICS Code of Measuring Practice remaining in place meantime.
If you have any questions about the new standards please get in touch with any member of our Commercial Property team on 0131 625 9191.