New global retail measurement standard open for public comment

A new standard to inform global benchmarks on measuring retail buildings is open for consultation.

European retail event

The International Property Measurement Standards (IPMS) Coalition has drafted the new IPMS: Retail Buildings, the latest building class in a series of standards that establishes consistent measuring practices for property assets.

The IPMS Coalition consists of more than 80 professional and standards-setting organisations from around the world. The coalition is leading a ground-breaking project to create and then embed globally benchmarked standards for measuring buildings.

IPMS: Retail Buildings is the fourth in a series of measurement standards that include IPMS: Office Buildings (published in November 2014), IPMS: Residential Buildings (published in September 2016) and IPMS: Industrial Buildings (published in January 2018).

The goal of IPMS is to develop and embed a measurement standard that is understood globally and can therefore provide confidence and consistency to the industry. As a property type, retail is very international in nature because it is usually owned, developed, used and occupied by multinational companies across the world. A common measurement approach is particularly beneficial to these parts of the property sector and I hope that all industry stakeholders will support our efforts by commenting on and sharing the consultation document.

Since IPMS was introduced in 2014, a number of professional bodies, governments, property owners, investors and corporate occupiers have begun to realise the benefits of IPMS. RICS professionals are already at the forefront of applying this standard.

The consultation will run until 10 August 2018.

Read the consultation

Comments (2)

  1. The view from RICS

    Professionalising measurement practices across all specialisms is paramount for RICS. IPMS has been crucial to supporting our efforts to cultivate a more transparent marketplace with stronger investor confidence and to reducing risk through improving the quality and consistency of data across global markets. As a member of the IPMS Coalition, RICS has already integrated IPMS: Office and Residential Buildings into the RICS Property Measurement Professional Statement 2nd Edition. We encourage RICS professionals to consult on the latest building class, IPMS Retail, which will in due course, be reflected in the latest update to the Professional Statement.

    Alexander Aronsohn FRICS

    Alexander Aronsohn FRICS, RICS Director of Technical International Standards 12 June at 09:50AM

  1. (1)IPMS is of no use to the surveying profession. It will just make things more complicated using a system that most people don't understand and will get wrong.
    (2) Properties will still need to be valued in the old method so that comparisons can be made in value whether it has increased / decreased over time. Therefore, all it is doing is increasing the work with no benefit. The same happened when the requirement for metric measurements was introduced. All that happened is that all particulars and valuations have both feet and metres as the profession understands feet but the RICS requires metric.
    (3) All national retailers have a UK property department that looks after and understands the intricacies of the British property system. To introduce IPMS for the sake of these national retailers is to penalise all your independent local retailers for the sake of national retailers who will benefit little from the new system.

    Samuel Heckscher Samuel Heckscher, 18 June at 22:49PM

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