As the result of a global effort to establish a uniform method of measuring property worldwide, a new international property measurement standard for office buildings — IPMS for Office Buildings — has been created. The IPMS for Office Buildings is compatible with, and complements, Building Owners and Managers Association (BOMA) International’s current office standard Office Buildings: Standard Methods of Measurement (ANSI/BOMA Z65.1—2010). Historically, property has been measured differently throughout the world. According to research by global property firm JLL, depending on the standard used, the area quoted in different markets for an equivalent building could vary by as much as 24 percent. These inconsistencies have led to confusion in markets, and even led businesses to develop their own costly processes for measuring and benchmarking property assets. The work to create the IPMS for Office Buildings was spearheaded by a coalition of more than 50 professional organizations, including BOMA International, and was produced following global consultation by a team of 18 independent industry experts. The IPMS for Office Buildings document can be found at the IPMS website.
