A group of 30 Masters students studying Real Estate Management at the University of the West of England (UWE) have been given a special insight into how to measure office space, during a visit to the Bristol office of leading property advisers CBRE.
The students carried out a measurement survey of CBRE’s new 8,000 sq ft penthouse offices on the flagship 13th and 14th floors of Clifton Heights, Bristol’s highest building.
Also on the agenda for the day was a discussion on the new code of measuring practice, the International Property Measurement Standard (IPMS), which came into effect as of 1 January 2016. This will mean a fundamental shift in the way office buildings are measured, with international conformity now in place.
Previously, the way offices, homes and retail parks are measured has varied from country to country, making it challenging for investors, developers and occupiers to accurately compare space. In order to address this, the International Property Measurement Standards Coalition (IPMSC), a group of professional and not-for-profit organisations, worked together to develop and embed a single property measurement standard.
Late last year, the group published its recommendations for an IPMS that will ensure property assets are measured in a consistent manner. The hope is that this will create a more transparent marketplace with stronger investor confidence and increased market stability.
Rose Lake, Capital Markets Surveyor at CBRE Bristol, said: “We have forged close links with UWE in recent years, with many of our staff having completed the highly regarded Real Estate Management course themselves. The event was an ideal opportunity to provide the students with first-hand experience that will hopefully encourage them to enter the property profession when they graduate.”
Patrick Dempsey, Senior Lecturer: Real Estate at UWE, said: “Our property courses are market leading and we could not do this without the support and help from industry partners. It is wonderful to be able to work with alumni and senior professionals from CBRE who can impart their enthusiasm to inspire the next generation of property professionals.”
