Standard was developed following feedback from previous building classes’ consultations and discussions with stakeholders
The Royal Institution of Chartered Surveyors (RICS) has launched a new global retail measurement standard that addresses global benchmarks on measuring retail buildings. The standard was drafted by the International Property Measurement Standards (IPMS) Coalition and is said to establish consistent measuring practices for property assets.
IPMS: Retail Buildings is the fourth in a series of measurement standards that include IPMS: Office Buildings, IPMS: Residential Buildings, and IPMS Industrial Buildings, RICS notes.
The new standard is expected to provide clarity for those purchasing or leasing retail property and enable comparisons of differing measurement standards by interfacing to IPMS. Since IPMS was introduced in 2014, professional bodies, governments, property owners, investors and corporate occupiers have begun to realise the benefits of this, the statement said.
“Professionalising measurement practices across all specialisms is paramount for RICS. IPMS has been crucial to supporting our efforts to cultivate a more transparent marketplace with stronger investor confidence and to reducing risk through improving the quality and consistency of data across global markets,” says Alexander Aronsohn, RICS director Technical Standards.
The firm points out that measurement practices vary significantly across retail markets, with different floor area measurements being adopted across the world in construction, transactions and valuations. Due to this and the fact that multiple retail projects are planned for the region, a common measurement approach is essential to ensure standardisation of the sector, RICS explains.
“IPMS: Retail Buildings will certainly benefit the retailers; both franchise groups and independent retailers, offering them a guide to international best practices that can be used when negotiating with either their existing landlords upon lease renewal or as part of acquiring new locations within the region,” states Anthony Spary, CBRE director – head of Investor Leasing.