IPMS All Buildings is open for consultation until 8 April. You can access the document and reply to the consultation here.
Here is some background that Paul Bagust, Chair of the IPMS Coalition, has provided:
- The existing suite of IPMS standards (Office, Residential, Retail and Industrial) which have evolved since 2013 have been replaced by a single document known as ‘IPMS All Buildings’ following extensive research and consultation.
- IPMS can either act as a stand-alone set of measurement standards (i.e. in countries without a current standard) or can be dual reported alongside existing measurement standards.
- IPMS is a high level principles based international standard which sets out how to measure property improvements. This will enable property to be measured in a consistent way around the world. IMPS All Buildings does not define the units of measurement (e.g. feet and meters) but instead what is included in the measurement of building floor space.
- Existing current national measurement practices, which rely on IPMS will be revised in due course to be compliant.
- IPMS will be an evolution not a replacement of the previous suite of IPMS standards.
- IPMS is not retrospective, it is forward guidance. Individuals will not be expected to go back and re-measure until required by their clients. Measurements based on the earlier standards are still supported by the IPMS standards.
- IPMS will ensure practitioners and end users are using a common language for measurement, and are therefore recognised by clients as at the leading edge of best practice. This will be a huge opportunity for those who use and adopt IPMS, to be at the forefront of this global industry development, providing an opportunity for first-mover advantage.
- The demand for IPMS will predominantly come from the market; the end users of property measurement information such as corporate occupiers, investors, building managers, appraisers, lenders, and developers. Property agents, consultants, government regulators, and measurement firms are likely to adopt IPMS in response to this industry demand. Demand will be driven over time through a growing awareness of the benefits that IPMS offers in providing comparable information within regional markets and from one market to the next.
- Coalition members / national associations will be responsible for the provision of training, tools and advice to help their members understand and implement the new standard.
Israel IVS Forum are members of the IPMS Coalition. You can learn more about the Coalition here.