An international standard for measuring office buildings has gone out to 3 months of public consultation, closing Friday 4 April.
The group setting the standard up, the International Property Measurement Standards Coalition, met for the first time last May and intends to have the standard finalised this June.
It intends to standardise measurement for other property types, including residential, in the following few months.
Research by global property firm Jones Lang LaSalle suggests that, depending on the method used, a property’s floor area measurement can deviate by as much as 24%. The new standard will provide a common language for measuring offices across international markets.
The intention is to enable buildings to be measured in a consistent way, creating a more transparent marketplace, greater public trust, consistency in the reporting of property size, stronger investor confidence and increased market stability.
The coalition’s new board of trustees is chaired by RICS (the Royal Institution of Chartered Surveyors) professional standards director Ken Creighton. The board will have members from all the coalition’s 28 member organisations.
New Zealand’s Property Council has joined the coalition and Howard Morley (NZ Realtors Ltd, Auckland) is one of the 19 members of the independent standards setting committee.
The Dubai Government is the first government to commit to adopting the international standard.
Attribution: RICS release.