The International Property Measurement Standards Coalition recently released new standards that it says will increase transparency and benefit investors.
“Currently, the way residential property is measured can vary significantly from one market to the next,” the coalition said in a news release. “As a consequence, owners, occupiers and investors in domestic property are often left confused or misinformed when it comes to the reported floor space.”
This has also led to disputes where rental calculations and service charges have relied on erroneous measurement information. The coalition, a group of more than 80 property organizations around the world, enlisted an independent group of 18 experts from 11 countries to draft the standards to prevent these occurrences.
Research has found that the measurement of residential apartments can vary by up to 15% across world regions” and “the measurement of houses (residential dwellings) can vary by up to 58% across world regions,” the coalition says. Within local markets there can be up to a 27% variance in the measurement of residential apartments and a 10% variance in the measurement of houses.
Related Stories
| Dec 1, 2011
Safety tracking tool helping prevent injuries at World Trade Center site
Since putting in place their Safety Management Systems Tracking Tool three years ago, risk managers for the World Trade Center project in New York say they've seen workplace injuries, reported hazards, and workers compensation claims decline.
| Dec 1, 2011
OSHA releases new construction safety videos
OSHA released new safety videos to offer both employers and workers brief, easy-to-understand education about construction safety.
| Dec 1, 2011
GSA Region 5 BIM standards could set national agenda in government contracting
Learning how the GSA wants to work with contractors using Building Information Models (BIM) will dramatically improve your odds of winning federal work.
| Nov 23, 2011
Fenestration council seeks committee members
The National Fenestration Rating Council (NFRC) is seeking members for a committee to pursue recognition of its ratings procedures from the American National Standard Institute (ANSI).
| Nov 23, 2011
Obama signs repeal of 3% withholding on government contracts
President Obama signed a bill that repeals a law requiring governments to withhold 3% of payments over $10,000 to contractors.
| Nov 23, 2011
USGBC launches app lab for LEED certification process
The U.S. Green Building Council has released the App Lab, a searchable catalog of third-party apps that are integrated with LEED data.
| Nov 23, 2011
Document gives advice on stormwater runoff management
The report, “Rooftops to Rivers II,” provides tips on how cities can use smart infrastructure and green building design to minimize pollution from stormwater runoff and other wastewaters.
| Nov 23, 2011
Zoning changes proposed to make New York City buildings greener
New York City will introduce new zoning proposals next month that would make it easier for building owners to add features that will make their properties more sustainable.
| Nov 18, 2011
AGC offers webinar on Davis-Bacon compliance
Webinar to be held in two sessions, Dec. 7 and 8 from 2:00-3:30 p.m. EST.
| Nov 18, 2011
New green construction code may help push LEED standards higher
The International Green Construction Code (IgCC) is expected to set a floor for building standards and may create the opportunity for LEED certifications to push toward higher ceilings.
