The RICS professional statement (PS) - RICS property measurement 1st edition, May 2015 is now mandatory for all RICS members. The aim of the PS is to advise RICS members how to measure office buildings in accordance with IPMS to provide a consistent and transparent global basis for the measurement of office buildings. This international standard will provide a basis to support the valuation of property, the analysis of market transactions on a global basis and the functional requirements of others, including owners, occupiers, facility managers, property managers, asset managers, agents, brokers, space measurement professionals, cost consultants and architects.
There are therefore significant changes to the way we deal with office buildings. My first ‘difficult’ measurement in 2016 brought some astounding results. The traditional Net Internal Area of a heavily mansarded top office floor was found to be 36.4% less than the new standard IPMS 3 – Office. Unless great care is taken with comparing evidence, there is a risk, in this example, of an over valuation by 57.1%.
You need to be aware if your building has altered – it probably has. What exactly is the implication on the value of your property with reference to a historic transaction? The new PS is 109 pages long - we have read it and are ready for the new challenge. Call us now for a consultation.