A coalition of 56 standard-setting bodies has introduced an international property measurement norm for offices, aimed at ensuring a single, coherent methodology across different markets.

A coalition of 56 standard-setting bodies has introduced an international property measurement norm for offices, aimed at ensuring a single, coherent methodology across different markets.

The International Property Measurement Standard for Offices (IPMS for Office Buildings), which was launched in Frankfurt on Monday, will replace dozens of existing standards currently in use around the world.

The need for IPMS arose as property has historically been measured differently throughout the world, causing inconsistencies and confusion. In India, an office measurement may include offsite car parks while in Spain it may include outdoor leisure facilities. Depending on the standard used, the area quoted in different markets for an equivalent building could vary by as much as 24%, researchers found.

RICS was a founding member of the coalition which developed IPMS, alongside 55 other standard-setting bodies. The organisation is working on its own guidance on how to use IPMS, which is due to be published in early 2015.

Meanwhile, the coalition will now turn its attention to developing an international property measurement standard for residential properties that is expected to be published in 2015.

‘This is a huge step forward for the property industry and one which RICS is delighted to have been a part of since the very start,’ said Sean Tompkins, global CEO of RICS. ‘Chartered surveyors play a critical role in providing best practice advice across the property industry in more than 140 countries worldwide. IPMS will ensure that surveyors, their clients and the markets they work in receive consistent, transparent and comparable property measurement information.’

He added: 'The work of the coalition will not stop here. Over the coming months and years IPMS will bring measurement consistency to residential, industrial and retail sectors. RICS will now work with chartered surveyors and the property industry to update our guidance, ensuring that it fully reflects the new IPMS standard.'

Read more about IPMS in the December edition of PropertyEU Magazine