The Building Owners and Managers Association International’s Board of Governors voted to adopt the new International Property Measurement Standard for Office Buildings (IPMS for Office Buildings) during the association’s annual winter business meeting in January.
Created as the result of a global effort to establish a uniform method of measuring property worldwide, the IPMS for Office Buildings is compatible with and complements BOMA International’s current office standard, “Office Buildings: Standard Methods of Measurement” (ANSI/BOMA Z65.1—2010).
Historically, property has been measured differently throughout the world. According to research by global property firm JLL, depending on the standard used, the area quoted in different markets for an equivalent building could vary by as much as 24 percent.
These inconsistencies have led to confusion in markets, and even led businesses to develop their own costly processes for measuring and benchmarking property assets. Investors, too, have had to factor in variation in quoted property size when making decisions about acquiring new property.
IPMS for Office Buildings will lead to increased transparency and consistency across real estate markets that will benefit the way property assets are managed and, ultimately, how financial decisions are made by investors, corporate occupiers, buyers and sellers.
The work to create the IPMS for Office Buildings was spearheaded by a coalition of more than 50 professional organizations, including BOMA International, and has been produced following global consultation by a team of 18 independent industry experts. The International Property Measurement Standard Coalition was formed at a meeting hosted by the World Bank in May of 2013.
“BOMA International, as a founding member of the IPMS Coalition and active participant in the creation of the IPMS for Office Buildings, is pleased to adopt this new global standard for property measurement,” said BOMA International Chair-Elect Kent Gibson, CPM, BOMA Fellow, president of Capstone Property Management LC, and member of the IPMSC Standard Setting Committee. “We believe this standard will provide much-needed consistency in markets around the world, creating cross-border transparency and the ability to accurately benchmark operations.”
IPMS for Office Buildings is the first in a series of international property measurement standards to be created by the coalition that will include IPMS for residential property, IPMS for industrial property and IPMS for retail property. All coalition organizations have committed to implementing the new standards through their own guidance to professional practitioners.