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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news