International Property Measurement: One Standard for All
PRODEXPO 2014 - Athens Liana Toumazou- RICS
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Question: How big is an office of 150m?
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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
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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
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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.
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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
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IPMS International Property Measurement Standards are the
missing link IFRS IVS
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Answer: IPMS
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Washington 2013: The birth of IPMS
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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):
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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
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How big is an office of 150m?
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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
