We're taking a lead in developing and embedding international standards which are recognised throughout the world. These high level standards sit across our profession, providing a common framework for all practitioners.
Collectively, these organisations own the standards which are implemented by each organisation through their own professional guidelines. We are implementing these new international standards through RICS Professional Statements.
RICS is a founding member of four separate coalitions, which are working to create:
Property measurement standards differ drastically around the world. It means that the same building could be up to 24% different in size depending on the standard used. In an interconnected global marketplace this inconsistency leads to confusion and risk for all property owners, occupiers and investors, especially those that operate across borders. Fundamentally it makes analysing property portfolios incredibly difficult.
More than 70 professional and standards bodies, including RICS, make up the IPMS Coalition, which will establish a common standard for measuring property, enhancing transparency and comparability in real estate. IPMS: Office Buildings was published in November 2014. IPMS: Residential Buildings was released in September 2016 and will be followed by versions for industrial and then retail property.
RICS Property Measurement, 1st edition updates the RICS Code of Measuring Practice, 6th edition and incorporates International Property Measurement Standards (IPMS).
The standards used to calculate the cost of construction projects differ markedly throughout the world. In simple terms the ‘line items’ which make up the project cost total differ depending on where the project is being carried out. This makes it difficult to understand and compare project costs between markets. It also compromises our ability to interpret the social, economic and environmental ‘footprint’ of a construction project on a consistent basis.
Formed in 2015 the ICMS Coalition totals more than 30 professional and standards bodies from around the world. It is developing and implementing the first international standard for measuring construction costs. It will enhance transparency and help to de-risk investment in construction projects.
Land tenure and ownership rights are a global challenge. Statistics show that some 70% of land and property in the developing world is un-registered and outside of formal markets which in turn has a direct impact on communities, wealth and our ability to effectively manage resources and the environment. Today, land measurement standards used to interpret and document tenure are at best inconsistent and at worst non-existent.
RICS is one of the founding organisations setting up a coalition to address these issues. The Coalition was launched in June 2016.
Despite the prevalence of quality ethics standards within our profession today, there is no agreed, internationally observed norm - something the medical and accountancy professions both have.
Initiated at a meeting hosted by the United Nations in 2014, a coalition of professional organisations in the property and built environment sector are collaborating to align ethics standards at the international level. The IES Coalition of over 60 organisations hopes to publish the standard in 2016.
As well as specific measurement guidance, we will be offering online and tailored training, case studies and seminars to professionals and others looking to move into this field.
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