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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news