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Question: How big is an office of 150m²?

International Property Measurement: One Standard for All PRODEXPO 2014 - Athens Liana Toumazou - RICS. Question: How big is an office of 150m²?. Why is property measurement so important? Sound measurement is fundamental to property markets

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Question: How big is an office of 150m²?

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  1. International Property Measurement:One Standard for AllPRODEXPO 2014 - AthensLiana Toumazou- RICS

  2. Question: How big is an office of 150m²?

  3. 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

  4. 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…

  5. In Spain, floor area measurements often include outdoor swimming pools. • In parts of the Middle East, floor measurements can include hypothetical areas. • In the U.S. sometimes the air-conditioned space is used instead. • In India, floor measurements can include off-site car parks as well as common areas.

  6. “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

  7. International Property Measurement Standards are the missing link IFRS IVS IPMS

  8. Answer: IPMS

  9. Washington 2013: The birth of IPMS

  10. International Property Measurement Standards Coalition (IPMSC): • By the profession; for the profession • Professional members in more than 150 countries • Public interest mandate • Standards Setting Committee • Guardians of IPMS

  11. IPMS ‘Partners’ • 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

  12. IPMS Partners include: Real estate consultancy firms; occupiers; developers; measurement firms; investors

  13. IPMS Partners (August 2014): www.ipmsc.org/partners Advisors/ConsultanciesAsteco Property ManagementNewsec BalticsBinswanger GImenez ZapiolaBritish ArabianBulgarian Properties LtdCBRE (Brazil)CBRE (Middle East)ChestertonsCluttons (Middle East)Colliers International (Asia)Colliers International (Japan)Cushman & Wakefield (Asia)Cushman & Wakefield (Brazil)Cushman & Wakefield (Russia)DTZ (Italia)DTZ (Middle East)Expertises GaltierGuangdong Huayou Auction Co Ltd (China)Indonesian Society of Appraisers - MAPPIJLL (Hungary)JLL (MENEA)Jones Lang WoottonKhong & Jaafar Group (Malaysia)Knight Frank (China)Knight Frank (Middle East)LLJ Property (Dubai)Miami RealtorsPing 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)Trigránit (Hungary)Urban Splash (Cyprus)Veritas Brown|Cushman & WakefieldWilchesyciaYour Care Consult (France) Corporate OccupiersVodafone Data ProvidersReidin Developers/ConstructionChina Harbour Engineering Company LtdHip Hing Construction (Hong Kong)Hong Kong Jockey ClubIacovou Construction (Cyprus)LangdonSeah (Beijing)LangdonSeah (Hong Kong)Rider Levett BucknallShui On Properties Management Ltd (Hong Kong) GovernmentAuckland Council Property LtdHousing New Zealand InvestorsBenson ElliotDeutsche Asset & Wealth Management (RREEF)Expert Invest (Bulgaria) Measurement CompaniesExtreme Measures Inc.Lasertech FloorplansPace Compumetrics IncPlowman CravenMichael Gallie & PartnersMeasure MastersSolid Tech LLC Universities & InstitutionsUniversitat Politècnica de València (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) OtherMicrotopC.L.I. s.a.

  14. How big is an office of 150m²?

  15. 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 Coalition’s website www.ipmsc.org • Next: Residential, industry, retail and mixed-use

  16. Thank you & QuestionsLiana Toumazou – ltoumazou@rics.org

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