by Brianna Crandall — September 4, 2015—In June of 2015, the International Property Measurement Standards Coalition (IPMSC) released its second global property measurement standard—International Property Measurement Standard: Residential Buildings—for public comment. The Coalition is seeking public comment on its consultation draft through Wednesday, September 30, 2015.
IPMS: Residential Buildings is being developed by the Coalition to establish a common, international methodology for measuring residential property. It seeks to address existing inconsistencies in measurement practices between and even within markets, which can lead to confusion for consumers and the inability to compare property on a like-for-like basis. IPMS: Residential Buildings is expected to enhance transparency and consistency in property data.
IPMS: Residential Buildings is the second in a suite of International Property Measurement Standards and follows the November 2014 launch of IPMS: Office Buildings. Once published, Coalition organizations have committed to implementing the new standard. Further standards will be created to address industrial, retail and mixed-use property.
IPMS: Residential Buildings is available on the IPMSC Web site. Responses should be sent electronically to consultation@ipmsc.org.
The International Property Measurement Standards Coalition (IPMSC) is a group of more than 60 professional and not-for-profit organizations from around the world, including the Building Owners and Managers Association (BOMA) International, CoreNet Global, the International Facility Management Association (IFMA), the Institute of Real Estate Management (IREM), the Royal Institution of Chartered Surveyors (RICS) and others, working together to develop and implement international standards for measuring property.
