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 30, 2020
Finalized 2021 Energy Code leaves out future-proofing provision
Appeals process nixed requirement for residential electrification readiness.
Codes and Standards | Nov 23, 2020
GBCI turns over GRESB ownership to global investment firm
Organization assesses sustainability performance of real estate and infrastructure portfolios and assets.
Codes and Standards | Nov 23, 2020
New industrywide clay brick EPD launched
Contributes toward LEED v.4.0 and v.4.1 materials and resources requirements.
Codes and Standards | Nov 19, 2020
The ‘15-minute city’ could transform municipal planning
Concept aims for car-free living.
Codes and Standards | Nov 18, 2020
Commissioning study finds median energy savings of 3% to 16%
Berkeley Lab examines results of commissioning across building types.
Codes and Standards | Nov 17, 2020
Midtown Manhattan’s empty offices could be converted to affordable housing
Advocates envision idle offices re-zoned to alleviate housing crisis.
Codes and Standards | Nov 16, 2020
New concrete detailing manual includes downloadable CAD files
American Concrete Institute document contains guidance on codes for structural concrete.
Codes and Standards | Nov 12, 2020
California rent control measure defeated
Golden State voters reject Proposition 21.
Codes and Standards | Nov 11, 2020
NY court ruling makes it easier for condo boards to sue investors for construction defects
Investors would be tapped for damages on such cases.
Codes and Standards | Nov 10, 2020
Researchers and industry leaders will form national institute for AI in construction
Goal is to identify high-impact areas for application in design and construction.