Murphy Surveys states that its personnel are expert in capturing, recording and analysing geospatial information and where spatial certainty is required, an accurate and precise survey is essential. The company states that measurement can mean different things to different people, and this ambiguity can have a direct impact on a project.
For example, research by Jones Lang LaSalle highlighted that depending on the method of measurement used, the area may vary by up to 24%. This is a worrying statistic for organisations who need and rely on accurate data when detailing their property portfolios. Dublin retail rents are six times higher than the national average and are expected to increase by a further 6% in 2018. This 6% rise equates to an increase of €180k for a 500m² retail unit at €6,000/m². This calculation assumes that the actual floor area reported is correct. An actual area discrepancy of just plus or minus 10% will result in a rental price fluctuation of anywhere from €2.7m-€3.3m per annum. A precise floor area survey will help companies to accurately calculate rents. Service charges and rates are also tied to area measurement and inconsistencies may therefore give rise to further monetary losses.
Commissioning a precise and accurate area measurement survey in accordance with regulation and standards is essential for measurement certainty.