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London, 7th August 2013 - Max Crofts, Consultant in Jones Lang LaSalle’s Bristol office, was this week elected Chair of the Standards Setting Committee of the International Property Measurement Standards Coalition (IPMSC).
IPMSC selected nineteen real estate experts from around the world to join its Standards Setting Committee to develop a global standard for measuring property.
The Standards Setting Committee includes experts with first-hand knowledge in fifty countries, across five continents. Acting independently, the committee is tasked with the job of drafting and consulting the property industry on a global standard measurement methodology. The standard will have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.
Various country practices for measuring retail, residential, office and industrial property means that there is no worldwide standardisation of property asset measurement. This is proving problematic for global investors and occupiers and the Board has been tasked with gathering intelligence standards and creating a worldwide best practice.
Max Crofts, Consultant in the Corporate Real Estate team commented, “Encouraged by our first meeting at the World Bank, we intend to create standards of measurement that will not only complement international financial reporting and valuation standards but also enable the collection and use of reliable data across worldwide markets. We will be undertaking consultations with major players - especially international corporate occupiers and cross-border investors, and this is a great opportunity for Jones Lang LaSalle to participate in driving an industry wide agenda.”
Lauren Keith - PR
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