What is IPMS?
The IPMS, or International Property Measurement Standards, is a method of measurement that can be used globally by all property stakeholders. IPMS is the new, widely accepted international standard for measuring property area. It is gradually being introduced in New Zealand.
Why is IPMS needed?
At the moment, There are many different methods of measurement in use. This makes it difficult to accurately compare space around the world, for everyone, from property users, investors, and occupiers, to developers. Research shows that, depending on the methods used, a property’s floor area can vary by as much as 24%.
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, such as schools, student accommodation, hotels, and hospitals.
As an IPMS Partner, Realserve are assisting our clients with the transition. We can 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 in the future, throughout New Zealand and worldwide.
For more information on the International Property Measurement Standards (IPMS) or on creating an IPMS survey plan, contact us today.