What They Are, Why We Need Them
“Depending on where you are in the world and which standard you apply,
there can be as much as 24 percent deviation in the measurement of space,”
said Nancye Kirk, IREM vice president of global affairs, during a learning lab
that explored an initiative to develop International Property Measurement
Standards (IPMS). This is the reason IREM is collaborating with other real
estate associations around the world to develop and support implementation
of property measurement standards.
Through the coalition, measurement standards will be developed on all as-
set classes. For now, the first standards are complete: standards for the mea-
surement of office space. “The goal of these standards,” said Kirk, “is to estab-
lish consistency on a global basis and increase transparency in the real estate
By action of the governing council, IREM endorsed the newly released,
IPMS for Office Buildings this week.
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