The International Property Measurement Standards Coalition (IPMSC) is a group of 70 professional and not-for-profit organisations from around the world, working together to develop and implement international standards 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. The final version of IPMS for Office Buildings was published in November 2014.
Member organisations of the IPMS Coalition have made a commitment to promote the implementation the new international standards when published.