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 way, creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.
IPMSC was formed during a meeting at the World Bank in Washington on 01-02 May 2013. By January 2014 the first draft Standard, for Offices, had been published for consultation. The Coalition Trustees met in London, 19-21 February 2014 to plan next steps.
Comprised of professional and not-for-profit organisations from around the world, the Coalition has agreed to develop and implement a global standard for measuring property. Once published, coalition partners have committed to implement the new standard and to seek its wider adoption in worldwide markets. The standard itself will be free and publicly available.
The IPMSC is currently comprised of the following organisations – visit the get involved page to find out how your organisation can join or support the Coalition:
- American Society of Farm Managers and Rural Appraisers (ASFMRA)
- Appraisal Institute (AI)
- Asia Pacific Real Estate Association (APREA)
- Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV)
- Asociación de Promotores Constructores de España (APCE)
- Asociación Professional de Sociedades de Valoración (ATASA)
- Italian Real Estate Industry Association (ASSOIMMOBILIARE)
- ASTM International
- Australian Property Institute (API)
- British Property Federation (BPF)
- Building Owners and Managers Association International (BOMA International)
- China Institute of Real Estate Appraisers and Agents (CIREA)
- Commonwealth Association of Surveying and Land Economy (CASLE)
- CoreNet Global
- Council of European Geodetic Surveyors (CLGE)
- Counselors of Real Estate (CRE)
- European Council of Real Estate Professions (CEPI)
- Gesellschaft für Immobilienwirtschaftliche Forschung e. V. (GIF)
- HypZert GmbH
- International Association of Assessing Officers (IAAO)
- International Consortium of Real Estate Associations (ICREA)
- International Federation of Surveyors (FIG)
- International Monetary Fund (IMF)
- International Real Estate Federation (FIABCI)
- International Union of Property Owners (UIPI)
- Japan Association of Real Estate Appraisers (JAREA)
- Japan Association of Real Estate Counselors (JAREC)
- National Society of Professional Surveyors (NSPS)
- NP “Cadastral engineers”
- Open Standards Consortium for Real Estate (OSCRE)
- Property Council of Australia (PCA)
- Property Council of New Zealand (PCNZ)
- Royal Institution of Chartered Surveyors (RICS)
- Seocovi SP (SECOVI)
- Society of Chartered Surveyors of Ireland (SCSI)
- South African Property Owners Association (SAPOA)
- The Appraisal Foundation (TAF)