Archive | Rentable areas guide

International property measurement standard out for consultation

An international standard for measuring office buildings has gone out to 3 months of public consultation, closing Friday 4 April.

The group setting the standard up, the International Property Measurement Standards Coalition, met for the first time last May and intends to have the standard finalised this June.

It intends to standardise measurement for other property types, including residential, in the following few months.

Research by global property firm Jones Lang LaSalle suggests that, depending on the method used, a property’s floor area measurement can deviate by as much as 24%. The new standard will provide a common language for measuring offices across international markets.

The intention is to enable buildings to be measured in a consistent way, creating a more transparent marketplace, greater public trust, consistency in the reporting of property size, stronger investor confidence and increased market stability.

The coalition’s new board of trustees is chaired by RICS (the Royal Institution of Chartered Surveyors) professional standards director Ken Creighton. The board will have members from all the coalition’s 28 member organisations.

New Zealand’s Property Council has joined the coalition and Howard Morley (NZ Realtors Ltd, Auckland) is one of the 19 members of the independent standards setting committee.

The Dubai Government is the first government to commit to adopting the international standard.

Link: Consultation

Attribution: RICS release.

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Rentable areas guide revised

Published 5 April 2006

The Property Council & Property Institute have revised the Guide for the measurement of rentable areas, previously revised in 1996.

Property Council national director Connal Townsend, a member of the review team, said the methodology for measuring retail premises needed to be updated to take into account the emerging role of bulk retail premises.

“The key change to the revised guide is the requirement to measure the external face of the enclosed wall of the retail premises if the premises have a rentable area (when measuring to the external face of enclosing walls) exceeding 800m². This methodology should also be applied if the premises are a tenancy within a predominantly large-format or bulk-retail environment (but not where the entire development is what is commonly regarded as a conventional shopping centre). The methodology applies in the situation where the premises are a supermarket or a department store,” Mr Townsend said.

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Attribution: Joint release, story written by Bob Dey for this website.

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