A proposed new standard method to measure commercial buildings throughout the world is likely to find resistance among some building owners.
The International Property Measurement Standards Coalition plans to announce a single measurement system for the global office market in June 2014.
The effort is meant to address one of the biggest complaints of office tenants: that building owners throughout the world use different systems for measuring how many square feet or square meters tenants rent. The different methods in use today can deviate as much as 24% from one another.
For some building owners, a new measurement standard could mean that their building would shrink in size and lose value.
“There is a risk that some firms may be sitting on balance sheets that are actually worth significantly less when measured by a common standard,” Scott McMillan, chief of real estate at the International Monetary Fund, told the Wall Street Journal.
The new standard will be voluntary, so building owners are not obligated to follow it. But, tenants could pressure them by avoiding leasing with owners that fail to adopt it.
Related Stories
Codes and Standards | Mar 13, 2019
Climate change can’t be stabilized without addressing urban sprawl
Even if power goes green, transportation will still be a major emissions source.
Codes and Standards | Mar 12, 2019
Virginia county hones new rainwater harvesting standard
Developer prompts new rules to use rainwater for heating and air conditioning.
Codes and Standards | Mar 8, 2019
Portland delays requirement for posted warnings on unreinforced brick and stone buildings
Regulation would mandate signs warning that buildings could be unsafe during earthquakes.
Codes and Standards | Mar 7, 2019
California will allow flame retardant-free building insulation
State also repeals business furniture flammability standard.
Codes and Standards | Mar 6, 2019
Sixty six construction companies cited for wage theft violations in Massachusetts
Penalties total $2.7 million.
Codes and Standards | Mar 5, 2019
Persistent flooding having economic impact on coastal cities
Atlantic City, Annapolis among communities affected.
Codes and Standards | Mar 1, 2019
$1 billion Boston hospital project to include extensive disaster resiliency features
Mass. General expansion will be designed for four days of shelter in place.
Codes and Standards | Mar 1, 2019
U.S. cities have become more dangerous for bicyclists and pedestrians
Reduced speed limits, traffic calming, better education seen as keys to improvement.
Codes and Standards | Feb 28, 2019
High-income renters now the fastest-growing housing market segment
Growth is fastest in mid-sized cities with strong economies.
Codes and Standards | Feb 27, 2019
Katerra launches software platform for ‘entire lifecycle of the building process’
Firm is accepting industry applicants to test the product.