RICS property measurement statement - 2nd edition
When determining the floor area of a building for rent calculation or other purposes, some landlords prefer to use a plan appended to the contract relating to the grant of a lease, others use the Royal Institute of Chartered Surveyors (RICS) measuring code.
The RICS have issued a professional statement that use of their Property Measurement Code 2nd edition is mandatory for all members of the RICS on 1 May 2018 unless this mode of calculation is unsuitable.
The 2nd edition takes account of the International Property Measurement Standards (IPMS) for Residential Buildings as well as the IPMS for Office Buildings.
The purpose of the IPMS is to increase transparency and consistency in the way buildings are measured internationally. RICS members will be expected to advise their client or employer on the benefits of using IPMS and must use IPMS terms when calculating or reporting the area of office and residential floor space. If there are circumstances where IPMS is not suitable to use, RICS members must ensure they document their reasoning for using alternative measuring methods.
Firms involved in measuring buildings should update documents to refer to the RICS: Property Measurement 2nd edition and property practitioners should ensure their commercial contracts reflect this requirement.
It is expected that further updates to the RICS Property Measurement statement will be made to include the IPMS for Industrial Buildings and Retail Buildings when they are published.
For more information, please contact the Real Estate team.