BOMA International Joins Global Coalition On International Property Measurement Standards

Posted by Heidi SchwartzFMAlert

BOMA International signed a declaration to become a member of the International Property Measurement Standards Coalition (IPMSC). The coalition is comprised of the leading professional and non-governmental organizations from around the world and is focused on developing a principle-based standard for the way buildings are measured globally.

At present, the way property assets—such as office buildings or shopping centers—are measured can vary enormously from country to country. With so many different methods of measurement in use, it makes it difficult to compare space accurately. With the implementation of global property measurement standards, properties will be consistently measured; creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.

“Since 1915, BOMA has been the secretariat of the ANSI-accredited standard for measuring floor space in office buildings,” remarked BOMA International Chair and Chief Executive Officer Joe Markling, managing director of Strategic Accounts with CBRE. “We are pleased to join with our colleagues from around the world to establish a consistent set of standards for the method of measuring real property no matter where that property is located. Through our work with the IPMSC, we can provide BOMA members and the commercial real estate industry at large with a true basis for cross-border comparison, and industry transparency and self-regulation.”

At the first meeting of the IPMSC, representatives of the organizations which have come together to address this problem signed a declaration to join the IPMSC and agreed to the next steps, which include the formation of an independent standards development committee and a program of wider industry and stakeholder engagement. The following organizations joined BOMA in signing the declaration: Appraisal Institute, Australian Property Institute, Council of European Geodetic Surveyors, International Consortium of Real Estate Associations, International Monetary Fund, and Royal Institution of Chartered Surveyors.