The International Property Measurement Standards Coalition (IPMSC) is a group of more than 80 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.
The IPMS Coalition wishes to give special recognition and thanks to Kent Gibson who retires as both chair and as a member of the IPMSC SSC 31 December 2019
Kent joined the IPMS Standards Setting Committee in 2013 and has been a key member throughout its journey. In 2018 Kent was nominated as chair in succession to Max Crofts who had overseen the drafting and publication of IPMS Offices, Residential and Industrial. Kent oversaw the consultation and final publication of IPMS Retail before leading the SSC in the drafting of IPMS Harmonised Standards. Kent was instrumental in helping each significant piece of work reach its closing stages. His experience and leadership helped the SSC find ways forward in a clear and constructive direction at times when issues seemed incapable of resolution due to varying market measurement practices.
The IPMS Coalition and all members of the SSC thanks Kent for his hard work, diplomacy and invaluable contribution over the past six years and the admirable way he has steered the SSC towards harmonisation of IPMS across all asset classes.