IPMSC to develop global standards for measuring property

International Property Measurement Standards Coalition (IPMSC) selected 19 real estate experts from around the world to join its Standards Setting Committee to develop a global standard for measuring property.The Standards Setting Committee includes experts with first-hand knowledge in 50 countries across five continents. It will act independently as well as draft and consult industry on a global standard measurement methodology.Currently, the way property assets such as office, residential, retail and industrial are measured can vary considerably from country to country. With so many different methods in use, it makes difficult for global investors and occupiers to accurately compare space.With the implementation of a global property measurement standard, properties will be consistently measured; creating a more transparent marketplace, greater public trust, stronger investor confidence and increased market stability.The Standards Setting Committee will start work on the drafting of the new methodology immediately and aims to have a draft ready for widespread consultation in the early part of 2014.

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