CEPI joins the International Property Measurement Standard Coalition

The International Property Measurement Standards Coalition (IPMSC) is a group of professional and not-for-profit organisations from around the world, committed to the development and implementation of an international standard for property measurement.

At present, the way property assets – such as homes, office buildings or shopping centres – are measured varies dramatically from one market to the next. For example, in some markets it is established practice to include common space (lift shafts; communal hallways etc) in floor area measurements; in others, off-site parking might be included or even swimming pools. 

With so many different methods of measurement in use, it makes it difficult for global investors, occupiers and tenants to accurately compare space. Research by global property firm Jones Lang LaSalle suggests that, depending on the method used, a property’s floor area measurement can deviate by as much as 24%.

The International Property Measurement Standards Coalition (IPMSC) is an international group of professional and not-for-profit organisations working together to develop and embed a single property measurement standard.

An International Property Measurement Standard (IPMS) will ensure that property assets are measured in a consistent and transparent way, creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability. 

The standard will have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency. IPMS have been developed to work with associated financial reporting and valuation standards such as International Financial Reporting Standards (IFRS).  The International Valuation Standards Council (IVSC) supports IPMS and these Standards should be read in conjunction with International Valuation Standards (IVS).

CEPI joins the International Coalition with a view to actively participate in the exercise on housing starting in 2014.

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