The International Property Measurement Standards Coalition (IPMSC) is a group of 44 professional and not-for-profit organisations from around the world, committed to the development and implementation of an international standard for measuring property.
At present, the way property assets – such as homes, offices or shopping centres – are measured varies dramatically. For example, in some parts of the world 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 property users, investors, occupiers and developers to accurately compare space. Research by global property firm JLL shows that, depending on the method used, a property’s floor area 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.
The IPMS Coalition was formed during a meeting at the World Bank in Washington on 01-02 May 2013. In January 2014 the first draft Standard (IPMS for Offices) was published for consultation. A second public consultation ran from June-September 2014 and the Coalition hopes to launch the final version of IPMS for Offices in November 2014.
Member organisations of the IPMS Coalition have made a committment to implement the new international standards when published.
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 Española de Análisis de Valor (AEV)
- Asociación Professional de Sociedades de Valoración (ATASA)
- ASTM International
- Australian Property Institute (API)
- British Property Federation (BPF)
- Building Owners and Managers Association, Canada (BOMA Canada)
- Building Owners and Managers Association, China (BOMA China)
- 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
- Institute of Real Estate Management (IREM)
- 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)
- International Union of Tenants (IUT)
- Italian Real Estate Industry Association (ASSOIMMOBILIARE)
- 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)
- Real Property Association of Canada (REALpac)
- 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)
- Union Nationale des Economistes de la Construction (UNTEC)