Why is measurement important?
It can be used for a variety of purposes, such as:
valuation
purchase and sale
lease and letting
reinstatement and cost assessment
business rates
estate management
Why does measurement need to be accurate?
It is a key metric for all classes of property
Market value is invariably a function of floor area
Third parties may rely upon measurements and make financial decisions based upon them
It helps create a transparent, stable property market.
Who relies on floor areas?
occupiers
valuers
insurance assessors
planners
lenders
What are some tools for collecting accurate measurement data?
Laser measure(distometer)
Measuring tape
Tape Measure
Measuring Rod
Feet (if necessary)
Digital mapping
Scale rulers/plans
What does the RICS Property Management 2nd Ed cover?
This document uses the core definitions from the International Property Measurement Standards. Also defines that all RICS members and firms in valuation reports are to:
state the purpose of measurement instruction
date of measurement instruction
date of measurement
measurement standard adopted
if IPMS not used, state reason for departure
measurement methodology adopted
scale of any plans used
floor area with relevant areas cross-referenced to floor plans
unit of measurement and conversion factor
name of RICS member or RICS member responsible for instruction.
HAS NOW BEEN ARCHIVED AND IPMS ALL BUILDINGS SHOULD BE USED ON A DUAL REPORTING BASIS WITH THE CODE OF MEASURING PRACTICE.
What are the IPMS and why were they introduced?
A set of internationally adopted measuring standards that aim to provide a consistent measurement of property.
- increased transparency of property data
- consistent language for measurement worldwide
- reduces risk, facilitating international trade in property
- easier property portfolio benchmarking
- greater credibility for valuation professionals worldwide
How many IPMS bases are there?
4
What are the bases and what do they equate to in terms of the CoMP?
IPMS 1: closely equates to GEA
IPMS 2: closely equates to GIA
IPMS 3: equates somewhat to former NIA
Includes 3.1 and 3.2
IPMS 4: equates somewhat to former NIA (Selected Floor Areas)
Includes 4.1 and 4.2
What is the Internal Dominant Face (IDF)?
A new concept introduced by IPMS.
It is the inside finished surface comprising more than 50% of the floor to ceiling height for each IDF wall section.
Has IPMS introduced any other concepts?
Component areas in IPMS 1 and IPMS 2.
What are component areas?
It is the total floor areas attributed to one of the components, e.g:
A - Vertical Penetrations (stairs, lift shafts/ducts)
B1 - External Wall (ext enclosure of a building, which comprises area between IDF and outside face of a building)
B2 - Internal structural walls/columns
B3 - Internal non-structural elements (all internal, full heigh, permanent walls)
C - Technical Services (plant rooms, motor rooms, maintenance rooms)
D - Hygiene Areas (toilets, cleaners cupboards, bath/shower rooms, changing rooms)
E - Circulation Areas (measured horizontally)
F - Amenities (cafeterias, day-care, sport and fitness/leisure areas, prayer rooms)
G - Living space (area available for use by residential occupiers)
H - Other areas (balconies, covered galleries, car parking, storage rooms)
What is the RICS Code of Measuring Practice?
Still a valid reference document but departures from IPMS office or residential need to be recorded.
Intended for use in the UK only until 6th ed 2015.
What are the core definitions under the CoMP?
GEA (Gross External Area)
GIA (Gross Internal Area)
NIA (Net Internal Area)
What is IPMS 1?
The Floor Area measured to the external extent of the External Walls and to any Notional Boundaries,
External Floor Areas or Sheltered Areas.
What is IPMS 2
The Floor Area measured to the internal extent of the IDF and to any Notional Boundaries and External Floor Areas.
What is IPMS 3.1 - Exclusive Occupation External Measurement
The Floor Area available on an exclusive basis to an occupier measured externally to any Notional Boundaries, External Walls, Demising Walls and including any External Floor Areas, Sheltered Areas and Secondary Areas.
What is GEA?
Area of building measured externally at each floor level.
What does GEA exclude?
- external open-sided balconies, covered ways and fire escapes
- canopies
- open vehicle parking areas and roof terraces
- voids over or under structural, raked or stepped floors
- greenhouses, garden stores, etc.
What is GIA?
Area of a building measured to the internal face of the perimeter walls at each floor
What does GIA exclude?
As GEA as well as perimeter thickness of walls and external projections.
What is NIA?
Useable area within a building measured to the internal face of the perimeter walls at each floor level of a building.
What is excluded in NIA?
entrance halls, atria, landings and balconies used in common.
toilets, lobbies, bathrooms, cleaners rooms.
lift rooms, plant rooms, tank rooms, fuel stores
stairwells, lift-wells and permanent lift lobbies
corridors/other circulation areas used in common.
areas under control of service or other external authorities.
internal structural walls, columns and pillars.
space occupied by air-con apparatus.
areas with headroom less than 1.5 m
vehicle parking areas.
How is retail property measured?
The zoning principle.
What is the Zoning principle?
Premise that the front of the shop is the most valuable and the value to the occupier decreases the further back of the property you go.
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