The International Property Measurement Standard Coalition launched a new International Property Measurement Standard (IPMS) for Office Buildings24 November 2014
The Coalition, in its statement on 24th November 2014 said that this new standard is expected to lead to increased transparency and consistency across real estate markets, which benefits the way property assets, are managed and, ultimately, how financial decisions are made by investors, corporate occupiers, buyers and sellers. IPMS for Office Building represents an international effort to create a uniform method for measuring property and is expected to replace some of the existing standards currently in use around the world. FIG is represented by its Chair of FIG Commission 9, Dr. Frances Plimmer and she commented that “the development of a single international property measurement standard is an important achievement not merely for investors and for the markets, but also for the profession that support the range of stakeholders involved. It is vital for our credibility and the quality of the services we offer that we are seen to be accurately and consistently describing, offering, valuing and managing real estate, wherever it is located and for whatever purpose it is required. Fundamental to this is a single recognized measurement standard which is applied globally.” Having developed such a standard for offices, the IPMS will next turn its attention to other property types in its aim to develop single measurement standards for all kinds property. FIG is proud to be part of these efforts. Louise Friis-Hansen 11 December 2014 |
