International Property Measurement Standards
The International Property Measurement Standards Coalition (IPMSC) is a group of more than 80 professional and not-for-profit organisations working to develop international standards for measuring property. It was formed during a meeting at the World Bank in Washington in May 2013.
On 26 September 2016, the coalition published the International Property Measurement Standards (IPMS): Residential Buildings, the second in a series of global, open-source standards, the first being the International Property Measurement Standards (IPMS): Office Buildings, published in November 2014. The coalition intends to develop additional standards for industrial buildings and retail buildings. Other classes of property may also benefit from the development of standards, such as schools, hospitals, hotels and student accommodation.
The standards are intended to establish a consistent approach to measuring buildings, particularly important given the growth of cross-border property investment and the expansion of global corporations. Research by JLL has revealed that measurement of a property’s floor area can vary by as much as 24% depending on the method used. Some methods include lift shafts and communal hallways, others include off-site parking or swimming pools, and so on. The creation of International Property Measurement Standards helps establish a more transparent marketplace, resulting in stronger investor confidence.
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