Draft: International Property Measurement Standard (IPMS): All Buildings

Part A: Introduction

IPMS All Buildings supersedes all previously published IPMSC standards for individual asset classes by utilising the concepts and objectives contained in those specific versions of IPMS into one harmonised standard. IPMS All Buildings is applicable to all types of Buildings independent of their use or their occupation.

IPMS are sufficiently flexible to apply to different purposes such as:

  • Analysis and Benchmarking
  • Insurance
  • Cost Allocation
  • Planning and Architecture
  • Construction Cost Rates and Ratios
  • Property Financing
  • Conversion between Measurement Standards
  • Research
  • Property Development
  • Summary Costings
  • Property Management
  • Sustainability & Energy Efficiency
  • Transactions (e.g., leasing and sales)

IPMS have the flexibility to only measure part of a building or to holistically measure all the areas in the building and allocate these areas into separate components. This flexibility provides a common language that can interface with pre-existing local measurement standards.

IPMS adopt unique nomenclature to avoid confusion with existing terms that are unfortunately used inconsistently in markets across the world. The IPMS structure and interface with other measurement standards is demonstrated by the flow chart shown below.

IPMS have been composed to enable the selection of the appropriate basis of measurement so that there may not be a need to review the whole document to apply the measurement but to only have regard to the specific standard to suit the market needs. IPMS are divided into three (3) fundamentally different groupings as shown below:

  • IPMS 1 and IPMS 2 are external and internal measurements respectively for whole or part of a Building.
  • IPMS 3.1 and IPMS 3.2 are external and internal measurements respectively required for exclusive occupation.
  • IPMS 4.1 and IPMS 4.2 are internal measurements required for selected areas respectively including internal walls and columns and excluding walls and columns.

The use of Component Areas is optional, however they facilitate the analysis of a Building and can also be used to convert between IPMS and other measurement standards.

IPMS structure

Diagrams within IPMS do not reflect a particular asset class and the sole purpose of each diagram is to depict the principles of the IPMS concept.