Global Standards of Property Measurement to be Introduced

Posted on 26 January, 2014 by Jodee Redmond

Without a single standard of measurement in use worldwide, it is challenging for buyers and sellers to get a firm handle on overseas property markets. That situation will change shortly, as a new global standard will be implemented later this year.

Global-Standards-of-Property-Measurement-to be-Introduced

Research conducted by Jones Lang LaSalle has found that different units of measurement can result in deviations of up to 24 per cent. The International Property Standards Coalition (IPSC), which has proposed the new system, wants to end this uncertainty  and to ensure consistency in property measurements.

In parts of the Middle East, for example, floor measurements can currently include “hypothetical areas,” and in India floor measurements can take into account off-site car parks and common areas. In the United States, some commercial property is measured by the amount of usable air conditioned space in a building.

The international standard will be the first one to use a common language of universal measurement. It will create certainty for investors, lenders, agents, valuers, and occupiers alike. The property can be listed at a certain number of square feet, and it will be clear how the figure was arrived at.

A public consultation on the new standard has been launched. The three-month consultation will close in April, and sector practitioners and stakeholders are invited to comment.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants