On Friday, June 19, more than 100 real estate professionals gathered in Toronto to hear a presentation and panel discussion on International Property Measurement Standards.
The breakfast presentation was co-hosted by RICS, BOMA Toronto and REALpac.
Ken Creighton, RICS Global Director of Professional Standards, kicked-off the session with an overview of the IPMS Coalition. He outlined the ways in which a lack of standards has impacted some markets, and how the vast differences between standards has created problems.
In an interview with Property Week in late 2014, he remarked on a case of a “building in New York ‘growing’ on paper by 41 per cent in 21 years.” Clearly, consistent measurement standards are needed even in the most sophisticated of real estate markets.
In simple terms, the message of the industry meeting was that one international standard is needed as a basis for consistent, factual property measurement, regardless of where the property is located or other particularities of the market.
During the breakfast, Ken, who is also Chair of the Board of Trustees of the IPMS Coalition, was joined by a panel of industry leaders including:
- Colin Johnston, Altus Group
- Scott Chandler, Cushman & Wakefield
- Michael Brooks, REALpac
- Randal Froebelius, BOMA Canada
The panel discussion was a lively exchange that included some entertaining stories on the challenges faced by the speakers. There was agreement that international standards for measurement are a good thing for the industry, but that professionals need more information and direction on how to adopt and implement IPMS.
To help with further learning about IPMS, RICS is offering web-based training that focuses on the standards and how to implement them.
An excellent turnout with members from BOMA Toronto, REALpac and RICS:
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