The International Property Measurement Standards Coalition recently released new standards that it says will increase transparency and benefit investors.
“Currently, the way residential property is measured can vary significantly from one market to the next,” the coalition said in a news release. “As a consequence, owners, occupiers and investors in domestic property are often left confused or misinformed when it comes to the reported floor space.”
This has also led to disputes where rental calculations and service charges have relied on erroneous measurement information. The coalition, a group of more than 80 property organizations around the world, enlisted an independent group of 18 experts from 11 countries to draft the standards to prevent these occurrences.
Research has found that the measurement of residential apartments can vary by up to 15% across world regions” and “the measurement of houses (residential dwellings) can vary by up to 58% across world regions,” the coalition says. Within local markets there can be up to a 27% variance in the measurement of residential apartments and a 10% variance in the measurement of houses.
Related Stories
Codes and Standards | Jan 9, 2019
Policymakers need to act to alleviate affordable housing crunch
Moody’s economist says costs including mortgage rates worsening situation.
Codes and Standards | Jan 8, 2019
Pittsburgh launches task force on construction industry fraud
Focus will be on wage violations.
Codes and Standards | Jan 7, 2019
Program uses low-cost sensors to monitor impact of stormwater mitigation systems
University/municipal partnership in Philadelphia aims to improve green infrastructure design.
Codes and Standards | Jan 7, 2019
Washington, D.C., to transition to 100% renewable energy by 2032
Includes measures to reduce emissions from buildings and transportation.
Codes and Standards | Jan 4, 2019
Canada’s National Building Code will include climate change obligations
New durability requirements for new buildings in the works.
Codes and Standards | Jan 4, 2019
LEED v4.1 beta registration begins in January
First releases are O+M, BD+C, and ID+C.
Codes and Standards | Jan 3, 2019
U.S. Appeals Court says general contractors can be cited for subcontractor violations
Ruling will prompt review of OSH decision that said GCs cannot be held liable for subs’ violations.
Codes and Standards | Jan 3, 2019
Tall mass timber code changes receive final approval
New provisions to be included in the 2021 International Building Code.
Codes and Standards | Jan 2, 2019
ASHRAE’s Low-Rise Residential Buildings standard update now available
Performance measures are at least 50% more efficient than 2006 IECC.
Codes and Standards | Jan 2, 2019
Study compares labor hours for various low-slope roofing options
Type of roof covering, project parameters, tool management, and crew efficiency all impact profitability.
