International Property Measurement Standards (IPMS)

Timeline of international standards’ development

Conceived in early 2013, the journey towards truly international property measurement standards has been rapid.

Propelled by the shared desire of organisations, governments, companies and professionals to build a genuinely global language for measurement, the first standard, IPMS for Office Buildings, was published in November 2014.

March 2013 Presentation at MIPIM with CRE, RICS and APREA “The role of International Standards in the Property Profession”
May 2013 Professional organisations meet at the World Bank in Washington DC to establish the International Property Measurement Standards Coalition (IPMS Coalition).  UK Financial Times front page documents the historic meeting.
June 2013 22 Organisations join as Members of the Coalition by signing the Declaration document which signals their commitment to the development and implementation of IPMS.
July 2013 Coalition appoints 18 industry experts to form the independent Standards Setting Committee (SSC).  Appointments to the SSC made through an open and transparent process, leading to 18 experts from 11 different countries and with industry experience in 48 markets.
August 2013 SSC appoints Max Crofts as Chair, Allen Crawford as Vice Chair and Alexander Aronsohn as Executive Secretary.
October 2013 Charter and Bylaws confirmed and agreed; IPMS Coalition officially established as a legal entity.
December 2013 Coalition votes to appoint officers to oversee the Coalition: Ken Creighton (Chair), Lisa Prats (Vice Chair), Jean-Yves Pirlot (Secretary General).
January-April 2014 SSC publishes the first draft of IPMS for Office Buildings for public consultation online.  Consultation results in more than 1,000 downloads of the IPMS draft and over 100 submissions of feedback from the first consultation.
February 2014 Coalition agrees to invite industry to become recognised supporters of the IPMS initiative by signing up as voluntary ‘IPMS Partners’ on the website.  Industry support comes from service providers, corporate occupiers and investors as well as academic institutions and data firms around the globe.
May 2014 SSC publishes details of the consultation feedback on the IPMS Coalition website.Wall Street Journal publishes report on IPMS and its potential to enhance consistency and transparency in global real estate markets.
June 2014 Coalition decides to release the new version of IPMS for a second round of public consultation.
July-September 2014 SSC publishes IPMS for Office Buildings Exposure draft for public consultation.  The Exposure draft is accessed online more than 800 times during this period.
October 2014 SSC votes unanimously to approve IPMS for Office Buildings and submits the standard to the IPMS Coalition for final approval.IPMS Coalition reaches 50 organisations with the appointment of BOMA Japan.List of IPMS Partner organisations hits 100.
November 2014 Trustee representatives from each of the IPMS Coalition organisations vote positively and enthusiastically to approve the SSC’s work.  This vote reaffirms Coalition members’ intention to adopt IPMS for Office Buildings throughout their organisations and memberships.IPMS Coalition publishes the first internationally recognised measurement standard for offices, IPMS for ‘Office Buildings’.
November 2014 – onwards IPMS Coalition organisations implement IPMS for Office Buildings through guidance to their members.
2015 Standards Setting Committee publishes details of IPMS for Residential Buildings consultation on the IPMSC website.