|Author||Marja Hoek Smit|
|Theme||Housing Finance Policy|
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: