SAO PAULO, BRAZIL—The International Property Measurement Standard Coalition (IPMSC) notes the appointment of US-based Counselors of Real Estate (CRE) and Brazil based Secovi-SP as members of the international coalition.
The coalition, which is now represented by 22 professional and not-for-profit organizations from around the world, is working together to develop a single international standard for measuring property.
Currently, the way property assets—such as office, residential, retail and industrial—are measured can vary considerably from country to country. With so many different methods in use, it is difficult for global investors and occupiers to accurately compare space.
With the implementation of a global property measurement standard, properties will be consistently measured; creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability. The standard will have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.
"Secovi is delighted to be joining the International Property Measurement Standard Coalition,” says Claudio Bernardes, president, Secovi-SP. “Working with the coalition organizations, we are hopeful that we can develop a common international standard which will positively impact property markets worldwide.”
Howie Gelbtuch, chairman, CRE added:
"It is with honor and commitment that The Counselors of Real Estate (CRE) joins other members of the global real estate community in establishing international measurement standards which will be both recognized and accepted in property markets throughout the world. It is our hope that this important collaboration will constitute only the first of many such efforts to strengthen the integrity and transparency of our industry going forward.”
Last month the IPMSC appointed an independent committee of 19 experts from 11 different countries to begin work on drafting the new standard. The Standard Setting Committee aims to have a draft ready for widespread consultation in the early part of 2014.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
