Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Property Council Joins IPMSC

Media Release

14 January 2014

Property Council Joins IPMSC

Property Council is pleased to announce it has joined the International Property Measurement Standards Coalition (IPMSC) - an initiative inspired by the Royal Institute of Chartered Surveyors (RICS).

This coincides with IPMSC launching its public consultation on new international measurements standard for office buildings.

The consultation is calling for the office sector to contribute to a new international standard. It is a three month process and closes on 4 April 2014.

“For New Zealand, IPMSC represents the opportunity to attract investors into our robust market. Investors, especially those investing as fund managers in cross border transactions, will benefit from much clearer and more transparent measurement standards, and through that they will be able to make timely and informed decisions.” Said Chair RICS Oceania Graham Matthews.

The new standard which is the first of its kind and will provide a common language for measuring offices across international markets, benefiting the real estate sector, investors, agents, valuers and occupiers.

A consistent standard provides a reference point to ensure property assets are measured similarly across the world to create a more transparent marketplace and greater public trust, stronger investor confidence, and increased market stability.

Property Council chief executive Connal Townsend believes this is greatly beneficial to all property practitioners around the world.

“Without a consistent framework, buying and selling, investing, and so on is risky business. This helps lower that risk.”

As it currently stands, property assets such as homes, commercial buildings and shopping centres are measured according to the markets they are in which vary dramatically - making it difficult for global stake holders to accurately compare space.

Research done by global property firm Jones Lang LaSalle demonstrates that depending on the method, a property’s floor area measure can vary by as much as 24 per cent.

END

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news