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RICS Property Measurement: The new standard for office buildings

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  • Ash, Robert

Abstract

The measurement and reporting of office space within the UK changed on 1st January, 2016. The professional statement, published as RICS Property Measurement, details the new standards that reflect the internationally agreed criteria (IPMS Office Buildings) established in 2014 in the pursuit of greater consistency and transparency for commercial office property dealings around the globe. Previously, the use of existing national measurement standards from around the world lead to differences in reported area figures of office space by as much as 24 per cent. This article describes the differences of the new standard from the RICS Code of Measuring Practice, 6th edition, and the means of converting between the old and new standards. The RICS Code of Measuring Practice, 6th edition, now only applies for office space reporting under direct client instruction but still remains current for all other property types.

Suggested Citation

  • Ash, Robert, 2016. "RICS Property Measurement: The new standard for office buildings," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 5(1), pages 45-51, May.
    • Handle: RePEc:aza:jbsav0:y:2016:v:5:i:1:p:45-51
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    More about this item

    Keywords

    (RICS) Property Measurement; office measurement; IPMS; international property; measurement standards;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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