New building occupancy cost code launched

IPD, the property performance measurement specialist, has launched its 'total occupancy cost code' - with the full support of all key players in the industry.

At a press conference held Tuesday, director Christopher Hedley cited research indicating that 70% of building occupiers admit to making essential decisions without having sufficient information. "Given the size of the commercial property market," he said, "it is extraordinary that there are no consistent cost standards. This is the gap we set out to fill."

Backed by the BIFM, the RICS corporate occupiers group, NACORE, IDRC and the BCO, the new code aims to be a comprehensive, robust and user-friendly tool for tracking performance in both FM and property.

Welcoming the launch, BIFM director general Sir Antony Walker said: "This is a well overdue and hugely valuable initiative. It will lead to quicker and better informed decisions on cost management, as well as greater credibility in the Boardroom."

The code encompasses in 25 pages a thorough explanation of principles and definitions, together with a worked example to illustrate application. Christopher Hedley adds that development work is continuing on a number of fronts, including international dimensions and analysis of cost drivers.

IPD operates Europe's largest independent database for corporate occupiers - the occupiers property databank - which encompasses details of more than 30,000 properties. More information about this and the cost code is available from opd@ipdindex.co.uk

Elliott Chase