Measurement Flashcards
Why is accurate measurement important in property measurement?
- It is a key metric for all use classes of property
- Market value is a function of floor area
- Third parties rely on it to make financial decisions
- It helps to create a transparent and stable property market
- Floor ares will be relied upon by
- Occupiers
- Valuers
- Insurance assessors
- Planners
- Lenders
Accurate measurement influences market value, financial decisions, and creates transparency in the property market.
What are the purposes property can be measured for?
- Valuation
- Purchase and sale
- Leasing and letting
- Reinstatement cost assessment
- Business rates
- Estate management
Each purpose can influence the basis of measurement adopted.
What should be stated in a report on measurement?
- Purpose of measurement instruction
- Dats of measurement instruction
- Date of measurement
- Measurement standard adopted
- If IPMS is not used, state why
- Methodology adopted (eg laser measurer)
- The scale of plans used
- Floor area schedule with relevant areas cross references to floorplans
- Unit of measurement
- Name of member and firm responsible
What is the benefit of IPMS
Should advise clients of the benefits of IPMS, but the RICS recognises it is not suitable in all circumstances.
- Local comparison may be useful
- IMPS aims to create consistency
What buildings should be measured using IMPS?
Offices
Residential
IPMS comparisons to CMP
- IMPS 1 equates closely to GEA
- IMPS 2 Office equates closely to GIA
- IPMS 2 Residential equates closely to GIA and Net Sales Area
- IPMS 3 Office equates to former NIA
- IMPS 3A Residential equates to former GEA
- IMPS 3B Residential equates to former GIA
- IMPS 3C Residential equates to former EFA
What is the significance of the Internal Dominant Face (IDF)?
It is the inside finished surface comprising more than 50% of the floor to ceiling height.
If this condition is not met, the finished surface is deemed to be the IDF.
What does IPMS stand for?
International Property Measurement Standards
IPMS aims to create consistency in property measurement across different sectors.
What is a component area?
The total floor area attributed to one of the components, eg lift shafts, balconies, toilets
What is the purpose of the Code of Measuring Practice?
Intended for UK use only yo provide succinct, precise definitions for accurate measurement of buildings and land
The code is still widely used in the UK despite being first published in 1979.
What are the core definitions outlined in property measurement?
- GEA - Gross External Area
- GIA - Gross Internal Area
- NIA - Net Internal Area
These definitions are used for various purposes, including planning and valuation.
When would GEA be used?
Used for Planning, rating and council tax, and building cost estimation. Incudes canopies, external balconies, fire escapes
When is GIA used?
Used for building cost estimation, agency and valuation (industrial/food stores), rating (industrial/food stores), property management (SC), new homes. Includes colums, mezzanines, loading bays, lift wells
When is NIA used?
Used for agency and valuation (shops and offices), rating (shops, offices and business units) and property management (for service charge apportionment) .
uUseable area within a building measured to the internal face of the permitter walls at each floor level
What measurement standard is used for office buildings according to IPMS?
IPMS 3 Office equates closely to NIA.
The floor area exclusive to an occupier but excluding standard facilities and shared circulation area. Standard facilities are shared and do not change over time, eg stair, motor rooms, toilets, plant rooms
GIA is used for building cost estimation and property management.
What does ITZA stand for in retail property measurement?
In Terms of Zone A
ITZA is calculated by dividing a retail unit into zones based on depth, with the front being more valuable.
What depths do you zone at?
6.1m
What is a component area in the context of IPMS 1 and 2?
The total floor area attributed to one of the components, e.g., lift shafts, balconies, toilets
Component areas help clarify the specific areas measured within a building.
What must RICS members retain in their measurement report?
- Purpose of measurement instruction
- Date of measurement instruction
- Date of measurement
- Measurement standard adopted
- Methodology adopted
- Floor area schedule
- Unit of measurement
- Name of member and firm responsible
Compliance with these requirements is essential for accurate reporting.
True or False: IPMS is suitable for all circumstances.
False
RICS recognizes that IPMS may not be suitable in all circumstances.
Fill in the blank: The _______ is used to measure the usable area within a building.
NIA
NIA is measured to the internal face of the perimeter walls at each floor level.
What is the aim of the IPMS: All Buildings published in 2023?
To bring greater consistency to the way property is measured and reported globally
It also provides a basis for creating national standards where they do not currently exist.
What measurement standard is closely related to GEA?
IPMS 1
This standard is relevant for upper floor levels and includes specific area measurements.
What is the relationship between IPMS and RICS Code of Measuring Practice?
IPMS is contained within RICS CMP and they are compared in terms of measurement standards
Understanding their relationship is important for accurate property measurement.
