An Important Step Toward Global Property Measurement Standards
| Date Published | 8/10/2013 |
| Author | Marja Hoek Smit |
| Theme | Housing Finance Policy |
| Country |
An Important Step toward Global Property Measurement
Standards
August 10, 2013
The International Property Measurement
Standards Coalition (IPMSC), which was established in May 2013 to address the
lack of global standards for measuring property, agreed on the formation of an
independent standards development committee and a program of wider industry and
stakeholder engagement. The committee, which includes experts with first-hand
knowledge in 50 countries across five continents, is tasked with the job of
drafting and consulting 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 it difficult for global investors and occupiers to accurately compare
space, which in turn influences the price measurements.
With the implementation of a global
property measurement standard, that will come up with the group believes, properties
will be consistently measured; creating a more transparent marketplace, greater
public trust, stronger investor confidence, and increased market stability.
The new Standards Setting Committee
members include academics, real estate fund and asset managers, residential
professionals, valuers, and specialists in development and construction as
follows: