PRP joins International Measurement Standards Coalition

15th September 2015

PRP joins International Measurement Standards Coalition

Preston Rowe Paterson (PRP) are delighted to announce we have joined a coalition of like-minded property market participants to develop and implement international standards for measuring property.

In joining the International Property Measurement Standards Coalition (IPMSC) PRP becomes the first valuation company in either Australia and New Zealand to do so. It will mean that PRP will work with 66 other professional and not for profit organisations around the world to devise a single property measurement system.

Greg Sugars OAM, Chief Executive Officer and International Director of Preston Rowe Paterson said, “Increasingly our property markets are becoming globally traded. In 2014 over $710 billion US Dollars of property changed hands and as market leaders it is incumbent on us to ensure that there is transparency within these property markets. A set of International Standards can only be a positive for all market participants.”

The IPMSC has already launched to market a new standard for the measurement of office buildings.

“Depending on which countries standards were previously utilised, there could be variations in measured sizes of up to 24%,”continued Mr Sugars.

The IPMS are now working on Residential, Industrial and Retail Standards.

“Market participants who lease, buy or trade in property will see an immediate benefit in the new consistent measurement standards” said Mr Sugars.

Peter Nolan, Director of RICS Oceania, a founding member of IPMSC, said “We are absolutely delighted to welcome such a well-respected and market leading valuation business as Preston Rowe Paterson to the coalition. PRP’s expansion from Australia to New Zealand and most recently, China, shows their international coverage, commitment to transparency and the meeting of International Standards.

“The new Measurement Standards will also be fully incorporated into new guidance issued to RICS members.”

Mr Nolan, who last week addressed 40 of PRP’s Directors at their annual conference, said the response from the property industry had overwhelmingly been supportive.

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