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 17, 2019
California will enact rent cap bill limiting rent increases to 5% plus inflation
Applies to apartments built at least 15 years ago.
Codes and Standards | Sep 17, 2019
Zero energy buildings can be constructed with no added upfront cost
ROI can be realized in as little as one year.
Codes and Standards | Sep 13, 2019
Researchers use U. of Arkansas buildings as testbed for CLT panels
Investigation could influence future use of the materials.
Codes and Standards | Sep 13, 2019
At least 30 U.S. cities have adopted stricter building energy codes since 2017
Some followed their states in implementing more robust standards.
Codes and Standards | Sep 12, 2019
Illinois law sets maximum retainage on private projects
The change is expected to give contractors bigger checks earlier in project timeline.
Codes and Standards | Sep 10, 2019
Retreat may be the best option for some coastal communities in face of sea level rise
A new study makes the case for relocating in a "strategic, managed" manner.
Codes and Standards | Sep 9, 2019
Free app calculates maximum allowable heights and areas for buildings
A free app that calculates the maximum allowable heights and areas for buildings of various occupancy classifications and types of construction has been released.
Codes and Standards | Sep 6, 2019
Standard for assessing frame deflection using one component polyurethane foams updated
The standard offers guidance when installing fenestration products.
Codes and Standards | Aug 29, 2019
The high cost of gridlock: $166 billion per year
Growing economy means more jobs, more cars, more hours stuck in traffic.
Codes and Standards | Aug 29, 2019
Industry leaders ask for government help as trades shortage worsens
AGC asks for more funding for education and increased immigration to fill gaps.
