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 | Apr 12, 2017
Trump infrastructure task force suggests arbitration to speed projects
Permitting process could be reduced from 10 years to 2 years under the proposal.
Codes and Standards | Apr 11, 2017
2017 National Energy Codes Conference includes code boot camp, PNC Tower tour
The DOE-sponsored event will be held in Pittsburgh July 17-20.
Codes and Standards | Apr 10, 2017
Congressional hearing on skills gap includes look at construction industry
Strategies to boost ranks of construction workers include mentoring programs, increased safety measures, trade group support, and outreach to school counselors.
Codes and Standards | Apr 6, 2017
Product-specific EPDs seen as key aid to earning green building credits
The product-specific EPDs allow designers to more quickly earn a LEED v4 credit in the Materials & Resources category.
Codes and Standards | Apr 5, 2017
Updated AIA Disaster Assistance Handbook released with significant enhancements
Updates provide guidance on how design and construction pros and emergency managers can work together to prepare for and respond to disasters.
Codes and Standards | Apr 4, 2017
Global standards for indoor environmental monitoring under development
Systems and sensors guidelines will be aligned with major green standards.
Codes and Standards | Apr 3, 2017
New standard test method for static loading and impact on exterior shading released
The method provides a standard lab procedure evaluation of ice and snow loads and impacts.
Codes and Standards | Mar 30, 2017
WELL enters strategic partnership with developer of standards and assessment tools
GIGA’s RESET standard and data collection will be integrated into the WELL standard.
Codes and Standards | Mar 29, 2017
Climate-specific code changes target energy savings for tropical zones
Hawaii considers updated 2015 IECC tailored to its climate.
Codes and Standards | Mar 28, 2017
Safety concerns over wood-frame construction raised after Raleigh apartment fire
The unfinished building was destroyed in a five-alarm blaze.
