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
Resiliency | Aug 7, 2023
Creative ways cities are seeking to beat urban heat gain
As temperatures in many areas hit record highs this summer, cities around the world are turning to creative solutions to cope with the heat. Here are several creative ways cities are seeking to beat urban heat gain.
Government Buildings | Aug 7, 2023
Nearly $1 billion earmarked for energy efficiency upgrades to federal buildings
The U.S. General Services Administration (GSA) recently announced plans to use $975 million in Inflation Reduction Act funding for energy efficiency and clean energy upgrades to federal buildings across the country. The investment will impact about 40 million sf, or about 20% of GSA’s federal buildings portfolio.
Codes and Standards | Aug 7, 2023
Cambridge, Mass., requires net-zero emissions for some large buildings by 2035
The City of Cambridge, Mass., recently mandated that all non-residential buildings—including existing structures—larger than 100,000 sf meet a net-zero emissions requirement by 2035.
Sustainability | Jul 27, 2023
USGBC warns against building energy code preemptions, rollbacks
In a recent editorial, the USGBC cited a growing number of U.S. state legislators who are “aiming to roll back building energy code standards and/or preempt local governments from advancing energy-efficient building codes.”
Resiliency | Jul 27, 2023
'Underground climate change' can damage building foundations, civil infrastructure
A phenomenon known as “underground climate change” can lead to damage of building foundations and civil infrastructure, according to a researcher at Northwestern University. When the ground gets hotter, it can expand and contract, causing foundations to move and sometimes crack.
Adaptive Reuse | Jul 27, 2023
Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000
The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).
Multifamily Housing | Jul 25, 2023
San Francisco seeks proposals for adaptive reuse of underutilized downtown office buildings
The City of San Francisco released a Request For Interest to identify office building conversions that city officials could help expedite with zoning changes, regulatory measures, and financial incentives.
Urban Planning | Jul 24, 2023
New York’s new ‘czar of public space’ ramps up pedestrian and bike-friendly projects
Having made considerable strides to make streets more accessible to pedestrians and bikers in recent years, New York City is continuing to build on that momentum. Ya-Ting Liu, the city’s first public realm officer, is shepherding $375 million in funding earmarked for projects intended to make the city more environmentally friendly and boost quality of life.
Concrete | Jul 19, 2023
Public policy hindering widespread adoption of sustainable concrete
Researchers are making significant strides in reducing embedded carbon in concrete, but public policies have been slow to adopt this more sustainable option.
Sustainability | Jul 19, 2023
California lawmakers approve governor’s plan to accelerate green construction
California lawmakers recently approved Gov. Gavin Newsom’s infrastructure streamlining plan that aims to accelerate clean energy and infrastructure projects.
