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 | Nov 3, 2021
Fact sheets offer strategies to improve indoor air quality in schools
Center for Green Schools at USGBC document for people without a technical background.
Codes and Standards | Nov 2, 2021
Rapid acceleration of affordable housing development expected over next five years
Federal government programs will spur construction.
Codes and Standards | Nov 1, 2021
New bird-friendly technical design guide released
National Glass Assn. document offers design and installation best practices for glazing.
Codes and Standards | Nov 1, 2021
World’s first chief heat officer tackles how to protect Miamians from extreme heat
Focus on chronic exposure for outdoor workers and for those that can’t afford AC.
Codes and Standards | Oct 28, 2021
Design competition launched to show role of mass timber in decarbonization
Forest Service and Softwood Lumber Board will award $2 million in grants to winning teams.
Codes and Standards | Oct 27, 2021
Texas reforms series of contractor laws
Measures seen as making it easier to do business in the state.
Codes and Standards | Oct 26, 2021
Drownings during Hurricane Ida point out FEMA flood map flaws
Eleven people drowned in New York City in areas marked as low risk.
Codes and Standards | Oct 26, 2021
Dept. of Energy’s REScheck tool updated for the 2021 International Energy Conservation Code
Previous version incorporated 2018 code.
Codes and Standards | Oct 20, 2021
New York City passes overhaul of construction codes
Over 600 major changes along with thousands of smaller updates slated for 2022.
Codes and Standards | Oct 20, 2021
One-quarter of U.S. critical infrastructure at risk of failure due to flooding
Police and fire stations, hospitals, airports, and wastewater treatment facilities face threat.