New property measurement standards have come into force. From 1 January 2016, RICS professionals must follow the RICS Property Measurement Professional Statement when they measure office accommodation. New rules are also being developed for measuring residential, industrial and retail property.
Commercial property transactions were worth around US$1 trillion in 2014. “Globally-agreed standards for measurement is something corporate occupiers, investors and developers, amongst others, are particularly eager to see,” said RICS.
RICS’ measurement statement follows the International Property Measurement Standard, a new global standard that aims to improve consistency in the way property is measured across markets. It was developed by an independent group of 73 professional bodies from around the world. The new standard replaced the RICS Code of Measuring Practice (CoMP) for office accommodation. CoMP remains in force for residential, industrial and retail property for the time being.
“Around 70{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53} of global wealth is believed to be invested in property,” said James Burgoyne, Director – Claims & Technical, Brunel Professional Risks. “Property owners and lessors need consistency in measurement standards if they are to understand and compare properties across different markets. RICS members must ensure they adhere to the new rules, otherwise they could leave themselves open to claims of negligence from clients.”
RICS Property Measurement Professional Statement is available on RICS website. Commercial building surveying consultants, Malcolm Hollis, has published a factsheet on the changes. A summary of the changes has also been published by law firm Olswang.
