IPMS – Mandatory Reporting Standard from 1st January 2016*
In a bid to create greater consistency and confidence in the global property market, the IPMS (International Property Measurement Standards) Coalition was formed in 2013. In 2014 IPMS for Office Buildings was published and from 1st January 2016, this will be the mandatory reporting standard.* RICS have incorporated and fully endorsed it through their recently released standard – Property Measurement, 1st Ed. May 2015.
Why is IPMS important to you?
IPMS is required for robust financial reporting as it provides a transparent and consistent methodology for property measurement worldwide. Research has found that current area measurements may vary by up to 24%.
IPMS provides transparency, consistency and clarity by having one standard for all.
By embracing IPMS you will be able to engage, attract and advise international clients in a manner that is understood globally. There are over 70 professional and not-for-profit organisations that presently endorse IPMS globally.
It is recommended3 that high value commercial property is measured to a final valuation accuracy of +/- 0.5%. To achieve this the area in question must be derived from a measured survey at a scale of no less than 1:20.
What will Murphy surveys do for you?
• case manage your area measurement requirements
• give you the most up to date area measurement results which are specific to your property
• reduce your risk by delivering independent, precise and accurate area measurements using the most innovative survey technology in the industry
For your confidence:
• we are an IPMS partner
• our staff have undergone specific IPMS training
• our offices serve clients worldwide
• we have one of the highest levels of PI insurance in our industry (£10m)