The International Property Measurement Standards (IPMS) Brian Meldon BSc MSCSI Meldon Chartered Surveyors

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1 The International Property Measurement Standards (IPMS) Brian Meldon BSc MSCSI Meldon Chartered Surveyors

2 The International Property Measurement Standards (IPMS) What is it? New system of measurement Will replace the RICS code of measuring practice Not particular to valuers Why Universal language The wonder is why it has taken so long!

3 The International Property Measurement Standards Who is involved? Surveyors, Architects, Engineers, Agents Also, Property Owners/Occupiers, Asset managers SME s, IMF, FTSE companies When Offices from 1st January 2016 Residential is underway, retail, industrial later

4 The International Property Measurement Standards Terminology Must be stated IPMS office buildings IPMS 1 which would equate closely to the former GEA IPMS 2 which would equate closely to the former GIA IPMS 3 which would equate closely to the former NIA

5 The International Property Measurement Standards You will become familiar with internal dominant face and vertical section. Pillars, columns, included. Separate reporting You are encouraged to report on a dual basis until IPMS is embedded in the market place

6 Exceptions Where you have received in writing, clients instruction that specifically asks for an alternative methodology to be used A local law requires the use of a different measurement standard

7 Companies Involved

8 The International Property Measurement Standards (IPMS) Andrew Ramsey BSc MSCSI McGovern O Brien Chartered Building Surveyor Chartered Project Management Surveyor

9 Best Measurement Practice/Reporting Recommend all IPMS is supported by CAD. Unit of measurement must be stated. If converted, provide conversion rate. Tolerance +/- 5mm Reporting via coloured drawing.

10 IPMS Limited Use Areas (LUA) Users and Third Parties need to be aware that the inclusion of measured areas in IPMS does not necessarily mean the area is available for legal occupation or use. Requirement to state LUA

11 IPMS Limited Use Areas 1. Area difference from internal dominant face 2. Areas with limited height 3. Areas with limited natural light 4. Above and below ground

12 IPMS 1 Similar to GEA Same for all classes of Building Sum of each floor level, external measurement. Reporting include/exclude a) Covered galleries* b) Balconies* c) Open light wells^ d) Open external Stairwells^ e) Atrium GF only f) Roof Terraces* g) Lifts *stated separately & different to GIA ^not included

13 IPMS 2: Office Similar to GIA Sum of each floor level Component by component for each floor. Component Areas Measured to the internal dominate face. Balconies, covered galleries and roof terraces included* *stated separately

14 Internal Dominant Face (IDF) 1. Measure to the glazing as IDF. Glazing > 50% 2. Measure to wall as IDF. Glazing < 50% 3. Measure to the glazing as IDF. Glazing > 50%

15 IDF Examples Measure to IDF, heater line limited use area

16 IDF Examples

17 IPMS 2: Office Component area

18 IPMS 2: Office Component area reporting

19 IPMS 2: Office Component area floor plan

20 IPMS 3: Office Similar to NIA 1. Floor area available on an exclusive basis. 2. Excluding shared facilities 3. Calculated on an occupier or floor basis. 4. IPMS 3 includes area taken by columns, piers / external columns and window reveals. All of these are excluded under NIA.

21 IPMS 3: Office Similar to NIA LUA LUA LUA

22 IMPS 3: Single vs Multi-let Balcony shared Circulation space Shared facilities Balcony exclusive

23 IPMS 3: Multi-let Included: Common wall is taken to the centre line.

24 Calculation Changes m2 Difference 6.4% & 12.3% GIA: 10,526 = IMPS 2: 11,225 NIA: 6,989 =IMPS 3: 7,905 m2 Difference 10.6% & 11.6% GIA: 9,365 = IMPS 2: 10,425 NIA: 6,829 =IMPS 3: 7,675

25 IPMS Summary i. IPMS 1: Floor Level, including external wall reported floor by floor. ii. IPMS 2: Floor Level, excluding external wall reported on by component by component basis. iii. IPMS 3: Floor area, available on an exclusive basis excluding shared facilities. Single or Multi-let

26 Questions? Brian Meldon BSc MSCSI Andrew Ramsey BSc MSCSI

27 Dating back to 1895, the Society of Chartered Surveyors Ireland is the independent professional body for Chartered Surveyors working and practicing in Ireland. Working in partnership with RICS, the pre-eminent Chartered professional body for the construction, land and property sectors around the world, the Society and RICS act in the public interest: setting and maintaining the highest standards of competence and integrity among the profession; and providing impartial, authoritative advice on key issues for business, society and governments worldwide. Advancing standards in construction, land and property, the Chartered Surveyor professional qualification is the world s leading qualification when it comes to professional standards. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining the Chartered Surveyor qualification is the recognised mark of property professionalism. Society of Chartered Surveyors Ireland 38 Merrion Square, Dublin 2, Ireland Tel: (0) info@scsi.ie Members of the profession are typically employed in the construction, land and property markets through private practice, in central and local government, in state agencies, in academic institutions, in business organisations and in non-governmental organisations. Members services are diverse and can include offering strategic advice on the economics, valuation, law, technology, finance and management in all aspects of the construction, land and property industry. All aspects of the profession, from education through to qualification and the continuing maintenance of the highest professional standards are regulated and overseen through the partnership of the Society of Chartered Surveyors Ireland and RICS, in the public interest. This valuable partnership with RICS enables access to a worldwide network of research, experience and advice.