Text of International Property Measurement: One Standard for All PRODEXPO 2014 - Athens Liana Toumazou- RICS
International Property Measurement: One Standard for All PRODEXPO 2014 - Athens Liana Toumazou- RICS
Question: How big is an office of 150m?
Why is property measurement so important? Sound measurement is fundamental to property markets It underpins decisions made by all property users It provides a tool for comparison
Today, measurement standards are not consistent. Property is measured in many different ways around the world. Depending on the standard used, the floor area measurement can vary dramatically
In Spain, floor area measurements often include outdoor swimming pools. In parts of the Middle East, floor measurements can include hypothetical areas. In India, floor measurements can include off-site car parks as well as common areas. In the U.S. sometimes the air- conditioned space is used instead.
Multiple standards equals no standard at all. The Existing Challenge Different measurement standards, different outcomes (>24%) Difficult to compare like-with-like Lack of transparency Difficult to compare cross-border transactions Huge impact on Financial Reporting Can lead to inaccuracies poor measurement
IPMS International Property Measurement Standards are the missing link IFRS IVS
Washington 2013: The birth of IPMS
By the profession; for the profession Professional members in more than 150 countries Public interest mandate Standards Setting Committee Guardians of IPMS International Property Measurement Standards Coalition (IPMSC):
Sign up to support implementation of IPMS Voluntary designation Aimed at users and suppliers of property measurement information Identifies sector leaders in the implementation of international standards Opportunity to align with IPMSC and industry best practice IPMS Partners
Advisors/Consultancies Asteco Property Management Newsec Baltics Binswanger GImenez Zapiola British Arabian Bulgarian Properties Ltd CBRE (Brazil) CBRE (Middle East) Chestertons Cluttons (Middle East) Colliers International (Asia) Colliers International (Japan) Cushman & Wakefield (Asia) Cushman & Wakefield (Brazil) Cushman & Wakefield (Russia) DTZ (Italia) DTZ (Middle East) Expertises Galtier Guangdong Huayou Auction Co Ltd (China) Indonesian Society of Appraisers - MAPPI JLL (Hungary) JLL (MENEA) Jones Lang Wootton Khong & Jaafar Group (Malaysia) Knight Frank (China) Knight Frank (Middle East) LLJ Property (Dubai) Miami Realtors Ping An Real Estate Company Ltd (China) Prelios (Agency, Integra and Valuations) (Italy) REAG (Italy) REESCO (Poland) Renda Real Estate Company (China) Shenzhen Sogar Engineering Consultants Ltd (China) Trigrnit (Hungary) Urban Splash (Cyprus) Veritas Brown|Cushman & Wakefield Wilchesycia Your Care Consult (France) Corporate Occupiers Vodafone Data Providers Reidin Developers/Construction China Harbour Engineering Company Ltd Hip Hing Construction (Hong Kong) Hong Kong Jockey Club Iacovou Construction (Cyprus) LangdonSeah (Beijing) LangdonSeah (Hong Kong) Rider Levett Bucknall Shui On Properties Management Ltd (Hong Kong) Government Auckland Council Property Ltd Housing New Zealand Investors Benson Elliot Deutsche Asset & Wealth Management (RREEF) Expert Invest (Bulgaria) Measurement Companies Extreme Measures Inc. Lasertech Floorplans Pace Compumetrics Inc Plowman Craven Michael Gallie & Partners Measure Masters Solid Tech LLC Universities & Institutions Universitat Politcnica de Valncia (Spain) IE Business School (Madrid, Spain) Singapore Institute of Building Ltd (SIBL) Universidad Europea Madrid (Spain) Lisboa School of Economics and Management (Portugal) Neapolis University Paphos (Cyprus) Politecnico Milano (Italy) SDA Bocconi (Italy) Vienna University of Technology, Continuing Education Center (Austria) Other Microtop C.L.I. s.a. IPMS Partners (August 2014): www.ipmsc.org/partnerswww.ipmsc.org/partners
How big is an office of 150m?
Next steps Coalition will review before it is launched IPMS will be adopted and implemented by Coalition organisations The standard will be published on the IPMS Coalitions website www.ipmsc.org www.ipmsc.org Next: Residential, industry, retail and mixed-use
Thank you & Questions Liana Toumazou email@example.com@rics.org