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 | May 18, 2017
AIA releases updated edition of its A201 flagship documents
These core documents are updated once a decade.
Codes and Standards | May 16, 2017
Trump’s proposed corporate tax rate changes said to stifle funding for affordable housing
Banks reluctant to commit to specific deals with tax credit status uncertain.
Codes and Standards | May 15, 2017
New IoT-Ready Alliance to establish standard for IoT sensors in LED light fixtures
It aims to make installation of technology easier.
Codes and Standards | May 10, 2017
OSHA increases penalties on South Dakota contractor after fatal building collapse
Agency issues over $300,000 in fines for ‘willful’ safety violations.
Codes and Standards | May 9, 2017
Potential shade on Boston Common from proposed high-rise raises public ire
The Mayor is among those who want to change 1990s anti-shadow law.
Codes and Standards | May 9, 2017
Method of estimating amount of CO2 by building occupants may be inaccurate
New research suggests current estimates may be off by as much as 25%.
Codes and Standards | May 8, 2017
National Fenestration Rating Council’s new U-factor standard open for public comment
Member-approved ballot change to NFRC 100 comments to close on May 28.
Codes and Standards | May 4, 2017
Millennials’ views on sustainability could influence the workplace
Nine out of ten say it is important that they work for a company committed to sustainability.
Codes and Standards | May 3, 2017
New York State extends design-build authority
The legislation includes eight additional projects.
Codes and Standards | May 2, 2017
U.S. announces preliminary tariffs on Canadian softwood lumber
The rates range from 3% to 24% per producer.
