The International Construction Measurement Standards Coalition was established by non-profit organisations representing professionals in more than 140 countries and aims to create overarching international standards that will harmonise cost, classification and measurement definitions in order to enhance comparability, consistency and benchmarking of capital projects.
It’s the first time that a range of real estate professionals have come together to seek to agree international standards in this way.
RICS vice president Amanda Clack commented: “It was evident there was a real willingness to work together collaboratively for the benefit of the public and our clients.”
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More than 30 professional bodies from around the world met last week at the International Monetary Fund in Washington, D.C. to launch a major initiative that seeks to create international standards in construction measurement.