Measurement Flashcards
What is Zoning?
Zoning is a valuation technique not a method of valuation.
Used for the comparison of retail properties to create a unit of comparison for different sized Buildings.
Why is it used?
It allows consistent comparison of shops of different shapes/sizes and floors on the premise that the frontage of the shop is the most valuable.
When would you not zone?
For larger properties on the high street (greater than 10,000 sqft) department stores, out of of town retail.
Zoning Principles?
The frontage is more valuable than ancillary areas.
We represent this by ‘halving back’
The property is divided into zones of 20 feet
How do you measure using NIA?
Useable area in the building measured to the internal face of the perimeter walls
How do you measure using GIA?
Everything inside the internal envelope of the building
What do you include in NIA
kitchens, built in cupboards, entrance halls if not used in common areas, lift ,lobbies and fire door corridors
What do you exclude in NIA
toilets, columns, areas under 1.5m
What does the RICS Property Measurement 2018 incorporate?
it incorporates the International Property Measurement Standards
What does IPMS stand for?
International Property Measurement Standards
What are members encouraged to do in relation to IPMS?
The RICS encourages members to record measurements on both bases, to encourage IPMS to become market practice. (Paragraph 1.2 - members expected to advise their clients / employers on the benefits of using IPMS & also that it is mandatory to adopt it for offices and residential).
What are the general principles / mandatory actions of measurement and calculation in RICS Professional Statement Property Measurement 2018?
- Provide a date when measurements are taken
- State the measuring methodology adopted
- Provide the reference and scale of any plans
- State the conversion factor from metric to imperial
- Clearly document any measurements / calculations
What is IPMS1 - Offices used for?
For planning or build costs purposes. (Closest to GEA).
Measures the area of a building including the external walls on a floor by floor basis.
What is ‘IPMS2 - Offices’ used for?
For agency and valuation purposes. (Closest to GIA)
Used for measuring the interior of an office, includes all areas available for direct use, measured to the internal dominant face of the wall on a floor by floor basis.
What is ‘IPMS3 - Offices’ used for?
Also for agency and valuation purposes. (Closest to NIA)
IPMS 3 is the same as IPMS 2, but measures the areas in exclusive use to the occupier.