New Standard for Measuring Office Space Takes Effect
The International Property Measurement Standard for Offices (IPMS for Office Buildings) took effect last month, creating a uniform method for measuring property globally. By replacing dozens of standards around the world, the new standard is expected to eliminate confusion, inconsistencies, and conflicting property size quotes that could vary by as much as 24 percent for the same space, according to research by property firm Jones Lang LaSalle.
“Globalization is not a coming trend—it is here and it is a fact of life,” said Lori Burger, president of the Institute of Real Estate Management (IREM), which is a member of the coalition that led the development of the new standard. “There continues to be a steady increase in cross-border investments and in international capital flows. In what has become a global real estate market, the need for transparency, for a common language, and for international standards becomes paramount.”