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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
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