MUMBAI: The International Property Measurement Standards Coalition (IPMSC) has launched a public consultation on theInternational Property Measurement Standard (IPMS) for office buildings.
The three month consultation, closing on April 4, 2014, urged real estate (office) sector practitioners and stakeholders to contribute to the new international standard.
The new standard, produced by theIPMSC Standards Setting Committee, has been described as the first of its kind and will provide a common language for measuring offices across international markets, benefiting real estate practitioners including investors, lenders, agents, valuers and occupiers.
"The international standard will ensure that property assets are measured in a consistent way, creating a more transparent marketplace, greater public trust, consistency in the reporting of property size, stronger investor confidence, and increased market stability," said IPMSC on Monday.
At present, the way property assets - such as homes, office buildings or shopping centres - are measured varies dramatically from one market to the next. 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%.
IPMS will be adopted by all 28 coalition organisations with firms around the world already lined up to implement IPMS from June 2014. The Dubai government is the first government to commit to its adoption.
``The new standard is considered one of the most significant developments in the real estate profession in recent history and will go beyond office measurement standardisation to include other property types, such as residential, in the coming months,'' it added.