A new standard to inform global benchmarks on measuring retail buildings is now open for consultation.
The International Property Measurement Standards (IPMS) Coalition has drafted the new IPMS: Retail Buildings, the latest building class in a series of standards that establishes consistent measuring practices for property assets.
The IPMS Coalition consists of more than 80 professional and standards-setting organisations from around the world. The coalition is leading a ground-breaking project to create and then embed globally benchmarked standards for measuring buildings.
IPMS: Retail Buildings is the fourth in a series of measurement standards that include IPMS: Office Buildings (published in November 2014), IPMS: Residential Buildings (published in September 2016) and IPMS Industrial Buildings (published in January 2018).
Lisa Prats, chair of the IPMS Coalition, said: “The goal of IPMS is to develop and embed a measurement standard that is understood globally and can therefore provide confidence and consistency to the industry. As a property type, retail is very international in nature because it is usually owned, developed, used and occupied by multinational companies across the world.
"A common measurement approach is particularly beneficial to these parts of the property sector and I hope that all industry stakeholders will support our efforts by commenting on and sharing the consultation document.”
Since IPMS was introduced in 2014, a number of professional bodies, governments, property owners, investors and corporate occupiers have begun to realise the benefits of IPMS. RICS professionals are already at the forefront of applying this standard.