From 1 May 2018, the Royal Institute of Chartered Surveyors (RICS) professional statement on Property Measurement (2nd edition) will become compulsory for RICS members and regulated firms involved in measuring buildings.
The 1st edition of the statement mirrored the office International Property Management Standards (IPMS), whilst the 2nd edition also takes into account the residential IPMS.
Over time it is said that the statement will be updated in order to comply with other IPMS as they are published. The purpose behind the standards is to improve transparency and consistency in the way buildings are measured around the world.
The statement confirms that:
- RICS members will be expected to advise their client or employer on the advantages of using IPMS. The statement does state however that it is understood that IPMS will not always be suitable depending on the circumstances and in these situations RICS members must document the reason for departure from IPMS.
- RICS members must use IPMS terms when calculating or reporting the area of office and residential floor space on an IPMS basis.