Standardising property measurement
The Australian Property Institute (API) has signed a declaration to become a member of a coalition focused on developing a principle-based standard for the way buildings are measured globally.
The Australian Property Institute (API) has signed a declaration to become a member of the International Property Measurement Standards Coalition (IPMSC), which is focused on developing a principle-based standard for the way buildings are measured globally.
With so many different methods of measurement in use, it makes it difficult for global investors and occupiers to accurately compare space. 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, according to the API.
“The API is committed to the coalition and will use that process to also address the inconsistencies within Australia. This is an ambitious project but the goodwill shown to date gives us the confidence than an appropriate international standard will result, albeit it may take a few years,” Allen Crawford, API coalition representative, states.