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 | Nov 15, 2018
New versions of DOE’s EnergyPlus engine and the OpenStudio software development kit released
New offerings resolve over 70 bugs and offer new features.
Codes and Standards | Nov 14, 2018
Obsolete safety standards may have been used in cleanup of former naval shipyard
San Francisco redevelopment site work may have been racked by fraud.
Codes and Standards | Nov 13, 2018
New York City’s new construction safety requirements are delayed
Some contractors say they weren’t ready for ‘massive initiative’.
Codes and Standards | Nov 9, 2018
Cities have multiple strategies to reduce parking requirements
Each community has to find its own mix of solutions.
Codes and Standards | Nov 8, 2018
Denver replaces green roof mandate with cool roof option
Less costly light-colored roofs can cut project costs by about 1.5%.
Codes and Standards | Nov 7, 2018
New report addresses sound transmission of wood-framed assemblies
AWC document provides empirical sound transmission model.
Codes and Standards | Nov 6, 2018
AIA releases 13 new and updated contract documents
Includes new Contractor-Subcontractor Master Agreement.
Codes and Standards | Nov 2, 2018
New Milwaukee Bucks home called world’s first bird-friendly sports arena
Design will make bird collisions less likely.
Codes and Standards | Nov 1, 2018
Several barriers holding back widespread construction of zero energy buildings
Code improvements and voluntary programs could add momentum.
Codes and Standards | Oct 31, 2018
Boston’s new flood protection plan centers on new parks
Initiative would add 67 acres of public open space.
