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 | Sep 25, 2017
How-to guide to renovating shopping centers available
E.U. research project focuses on energy efficiency and occupant comfort.
Codes and Standards | Sep 21, 2017
After construction crane collapses during Irma, regulations questioned
Cranes rated for 140 mph winds didn’t hold up to 100 mph gusts.
Codes and Standards | Sep 20, 2017
Energy efficiency measures pay off in some not-so-obvious ways
Access to better financing, tax incentives, rent premiums, among the benefits to greener buildings.
Codes and Standards | Sep 19, 2017
Benchmarking regulations prompt jump in green certified properties
2016 saw a slight rise in total certified U.S. green office space.
Codes and Standards | Sep 18, 2017
Changes likely to come to federal wetlands regulations
However, states may step up regulations as feds relax them.
Codes and Standards | Sep 14, 2017
Gentrification means a new mindset for city planners
Rising rents elicit reexamination of zoning principles.
Codes and Standards | Sep 13, 2017
OSHA issues extension for compliance with crane operator certification requirements
Comments on proposed rule sought through Sept. 29.
Codes and Standards | Sep 12, 2017
Washington, D.C. is first LEED Platinum city in the world
All city government buildings are powered by renewables.
Codes and Standards | Sep 11, 2017
Natural solutions would be most effective flood resilience policies for Houston
New green infrastructure should be part of rebuild.
Codes and Standards | Sep 8, 2017
Los Angeles luxury high-rise is first U.S. apartment building to achieve WELL Multifamily certification
Hollywood Proper Residences have verified indoor air and water quality features.