On the 8th May 2013, the RICS announced it would be joining the International Property Measurement Standards coalition. This international standard has been adopted by many of the worlds leading authorities in the property sphere.
The aim of the standards is to consolidate measurement practices for a global market. The current measurement variations throughout the world are creating varied and complex measurement tasks. By the adherence of one standard, the way in which property will be measured will be transparent and the capacity for fraud and misrepresentation, a criminal offence here in the UK, will be minimised.
Such a standard will offer a greater a deal of control and therefore trust in property transactions, Alan Robertson of Jones Lang Laselle states research has proven that transparency will increase investment.
The public consultation for the standards has now closed, a draft is still available to view here.
The International Property Measurement Standard for Offices is due to be published in June / July 2014, after which all offices advertised here will be required to conform to the new standards.