Becoming uniform: The basics and the benefits of international property measurement standards
A new way to measure property is coming to town — in fact, to the nation and world — that should create more uniformity and, among other things, more certainty for institutional and other real estate investors concerning property measurements across markets.
A series of international property measurement standards, or IPMS, is being developed by a coalition of more than 60 organizations in the property field. The first standard, for offices, debuted in November 2014, with other standards scheduled to roll out over the next few years.
The measurement of property assets, such as homes, offices and shopping centers, varies dramatically across markets and has throughout history. In some parts of the world, for example, the inclusion of common spaces, such as elevator shafts and communal hallways, in floor area measurements is an established practice; in other markets, off-site parking or even swimming pools might be included.
With so many differe