The International Property Measurement Standard, IPMS All Buildings has gained popularity among asset managers as an effective way to compare properties using a consistent measurement methodology, regardless of building location, use, type or occupancy. IPMS defines four distinct measurement categories called IPMS 1, IPMS 2, IPMS 3, and IPMS 4 that can be used for a range of tasks including cost allocation, benchmarking, construction estimation, insurance, planning, valuation, financing, and more. Download the All Buildings Standard from IPMS.org.

The REBNY measurement distinguishes between rentable and usable square footage, accounting for the tenant’s exclusive areas and their share of building-wide common spaces such as lobbies and corridors. Usable space refers to areas used solely by the tenant, while rentable space includes both exclusive and shared areas. The loss factor, a percentage difference between these measurements, reflects how much space tenants pay for common areas. Get more information at REBNY.org.

Alternative Methodologies

Beyond BOMA, IPMS, and REBNY, many other approaches to building measurement are utilized and promoted by various governments, organizations, and corporate entities for purposes such as zoning, auditing, assessment, taxation, and insurance replacement costs. It is also common to encounter custom-written area definitions in contracts, leases, offers, and other business documents. These definitions are often drafted by real estate lawyers who may or may not reference established publications like BOMA. The quality of these custom definitions can vary significantly—some provide comprehensive measurement instructions, while others may be overly simplistic or poorly constructed. Extreme Measures specializes in interpreting building area definitions from any source or publication. Let us help you understand exactly what you are dealing with.