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 | Oct 11, 2017
Data, transparency are keys to next steps in green building, says USGBC chief
Monitoring and comparing performance are critical to advancing sustainability goals.
Codes and Standards | Oct 10, 2017
New guidelines for quality control on application of membrane roof systems released
NRCA document provides guidance for on-site evaluation.
Codes and Standards | Oct 9, 2017
New app calculates maximum allowable heights for building occupancy types, classes of construction
The app streamlines compliance on various types of construction.
Codes and Standards | Oct 5, 2017
California lawmakers pass bill that requires GCs to pay wages of sub employees if subs fail to pay
The measure will go into effect in January if the governor signs it.
Codes and Standards | Oct 4, 2017
Ambitious but realistic increase in clean energy would cut GHG emissions by 80% in the U.S.
NRDC report says goal can be achieved with existing tools.
Codes and Standards | Oct 3, 2017
Reducing duct leakage is focus on latest green building standards updates
ASHRAE 189.1 broadens testing requirements to include more types of ducts.
Codes and Standards | Oct 2, 2017
Nationwide retrofit strategy in Canada could cut 51% of emissions from large buildings
The roadmap provides government and industry with a targeted plan.
Codes and Standards | Sep 28, 2017
Resources available for new OSHA respirable crystalline silica regulation
NRCA offers compliance tools for contractors.
Codes and Standards | Sep 28, 2017
New tool compares HVAC system efficiency
IAPMO and Hydronics Industry Alliance unveil BEST to evaluate systems in early design phase.
Codes and Standards | Sep 26, 2017
Anti-drone technology can ward off unauthorized drone flights
The technology can be used to prevent terrorist attacks and spying.
