What is IPMS?
The IPMS, or International Property Measurement Standards, is a global method of measurement being introduced gradually into Australia to provide one shared measurement standard that can be used by all property stakeholders. IPMS is the new, widely accepted international standard for measuring property area.
Why have IPMS?
There are many different methods of measurement in use at the moment, making it difficult for property users, investors, occupiers, and developers to accurately compare space around the world. Research has shown that a property’s floor area can vary by as much as 24%, depending on the methods used.
The International Property Measurement Standards (IPMS) will ensure that property assets are measured in a consistent way, creating a more understandable plan for everyone. This will result in greater trust from the public, stronger confidence for investors, and increased transparency and stability in the marketplace. The IPMS is a standardised method that can be used globally, reducing inefficiency, confusion, and error.
Below is an IPMS infographic explaining why IPMS is needed, and the benefits of IPMS. Source: https://ipmsc.org/
There are specific IPMS for Office Buildings, Residential Buildings, Industrial Buildings, and Retail Buildings. Other properties and buildings will also benefit from the IPMS though, such as schools, student accommodation, hotels, and hospitals.
As an IPMS Partner, Realserve are assisting our clients with the transition. We can also provide you with details on the right method and survey measurement for your project and building assets. Creating an IPMS plan with us will help your survey plan stay relevant and understandable throughout Australia and worldwide.
For more information on the International Property Measurement Standards (IPMS) or on creating an IPMS survey plan, contact us today, or request for a surveying expert to call you at a convenient time for you.