United States. The International Association of Building Owners and Managers, BOMA, announced the launch of a new International Measurement Standard for Office Buildings (IPMS). The above, with the aim of offering the real estate market a transparent and consistent option for property measurement.
The new standard was created by a coalition of more than 50 professional organizations and after consultation with a team of 18 independent experts. In general, the IPMS will define which areas should be included and which should not be included when measuring a property.
As BOMA explained in a statement, the importance of the IPMS lies in the fact that by 2013 transactions in the real estate market reached more than $1 trillion dollars worldwide, with investors and corporate tenants operating increasingly outside the borders of their own country.
However, many of the standards used are specific to each market, making it difficult to compare similar properties in different locations. According to a study conducted by JLL, depending on the standard used, the measurement of an equivalent area can vary by up to 24% depending on the market in which it is located.
