It took 18 months of work by a group of measurement experts, including two global public consultants and 85 drafts, but the first international property measurement standard has been published.
International Property Measurement Standards: Office Buildings will end the inconsistency in the way that offices are measured in different locations worldwide. Differences in the way measurements are calculated has led to differences of up to 24 per cent across global markets, according JLL, the global property firm.
The new standard measurement will mean that for the first time commercial property professionals and their clients will benefit from a common system of measurement, no matter where they happen to be located.
The idea for an international property measurement standard was put forward at a meeting hosted at the World Bank in Washington in May 2013. The IPMS project involved more than 50 organisations (the IPMS Coalition). Members have committed to using the new standard in their own guidance.
Adopting common measurement standards is a step forward for the profession and will offer protection to markets and the public.
International buyers will be encouraged to consider markets outside their home shores, since this move will help to lower the risk of investing in the market.
International standards mean everyone comes to the table with the same understanding of the item for sale. Buyers can compare and evaluate properties more easily, which will make negotiating transactions a smoother process for both sides.
