IPMSC - International Property Measurement Standards Coalition has selected 19 experts from around the world who are specialists in the property sector. They formed Standards Setting Committee. Its main purpose is to create global standards property measurements methodology.
Property is a global business for international investors, corporate occupiers and their advisers, but floorspace measuring practices vary from country to country and even between markets in the same country - says Max Crofts, Chair, Standard Setting Committee. Encouraged by our first meeting at the World Bank, we intend to create standards of measurement that will not only complement international financial reporting and valuation standards but also enable the collection and use of reliable data across worldwide markets.
Present property measuring practices can vary depending on the country. This causes potential problems for investors and tenants, related to detailed comparison of buildings. Thanks to universal standards the property market will be more transparent, the confidence of investors will also increase. Consequently it may bring more uniformed prices and financial reports on international markets.
The Members of the Committee include academics, property funds managers, asset managers, experts in the housing industry, experts and specialists in the field of development and construction. The Committee is to start its works immediately and the project will be ready for consultation at the beginning of 2014.
The committee has been set the challenging task of drawing together the intelligence that has gone before us across the world over the past decades and then creating what must be regarded as the World's Best Practice for the Measurement of Buildings. There are many Standards in existence across the world but these have been largely uncoordinated. The Committee Members are focussed on ensuring the Standard is the World's Best Practice. We will know that we have succeeded when the new Standard is embraced globally by the Property Industry - says Allen Crawford, Vice Chair, Standards Setting Committee.