Appraisal Institute Immediate Past President Sara W. Stephens, MAI, was among 19 real estate experts selected by the International Property Measurement Standards Coalition to create the first global standard for measuring property. The Standards Setting Committee includes experts with first-hand knowledge in 50 countries, across five continents. It will act independently and is tasked with the job of drafting and consulting industry on a global standard measurement methodology. Standards Setting Committee members include academics, real estate fund and asset managers, residential professionals, valuers and specialists in development and construction.
“It’s an honor to be selected to serve in this role,” said Stephens, who represents the United States’ largest professional association of real estate appraisers. “This opportunity is another example of how the Appraisal Institute continues to serve as the premier international real estate valuation leader.”
Currently, the way property assets – such as office, residential, retail and industrial – are measured can vary considerably from country to country. With so many different methods in use, it can be difficult for global investors and occupiers to accurately compare space.
With the implementation of a global property measurement standard, properties should be consistently measured, creating a more transparent marketplace, greater public trust, stronger investor confidence and increased market stability. The standard is expected have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.
The Standards Setting Committee will start work on the drafting of the new methodology immediately and aims to have a draft ready for widespread consultation in the early part of 2014.
The International Property Measurement Coalition was established May 1-2 at the World Bank in Washington, D.C. Members of the IPMSC are:
American Society of Farm Managers and Rural Appraisers (ASFMRA);
The Appraisal Foundation (TAF);
Appraisal Institute (AI);
Asia Pacific Real Estate Association (APREA);
Asociacion Professional de Sociedades de Valoracion (ATASA);
Australian Property Institute (API);
Building Owners and Managers Association International (BOMA);
China Institute of Real Estate Appraisers and Agents (CIREA);
Commonwealth Association of Surveying and Land Economy (CASLE);
Council of European Geodetic Surveyors (CLGE);
International Consortium of Real Estate Associations (ICREA);
International Federation of Surveyors (FIG);
International Monetary Fund (IMF);
International Real Estate Federation (FIABCI);
Open Standards Consortium for Real Estate (OSCRE);
Property Council of Australia (PCA);
Royal Institution of Chartered Surveyors (RICS); and
South African Property Owners Association (SAPOA).
The independent Standards Setting Committee is comprised of:
Alexander Aronsohn, RICS (UK), executive secretary to the committee;
Will Chen, China Development Bank & GoHigh Capital (China);
Allen Crawford, Australian Property Institute (Australia), vice chair;
Max Crofts, Commonwealth Association of Surveying & Land Economy (UK), chair;
Anthony Gebhardt, South African Property Owners Association (South Africa);
Kent Gibson, Capstone Property Management (USA);
Prof. Marc Grief, Society of Property Researchers (Germany);
Liu Hongyu, China Institute of Real Estate Appraisers and Agents (China);
Prof. Sr. Dr. Ting Kien Hwa, Centre for Real Estate Research, University Teknologi MARA (Malaysia);
Luke Mackintosh, Ernst & Young (Australia);
Scott McMillan, International Monetary Fund (USA);
Howard Morley, NZ Realtors LTD (New Zealand);
Frederic Mortier, Council of European Geodetic Surveyors (Belgium);
Sara W. Stephens, MAI, Appraisal Institute (USA);
Peter L. Stevenson, Stevenson Systems, Inc. (USA);
Nicholas Stolatis, TIAA-CREF (USA);
V. Suresh, HIRCO Developments (India);
Koji Tanaka, Mitsui Fudosan (Japan); and
Dr. Piyush Tiwari, RICS School of Built Environment, Amity University (India) and Faculty of Architecture, Building and Planning, University of Melbourne (Australia).