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
Smart Buildings | Aug 21, 2015
Federal Alliance for Safe Homes offers plan to strengthen codes for disaster resilience
Some states losing ground on resilience, group says
Codes and Standards | Aug 21, 2015
After disease outbreak, ASHRAE legionella standard adopted in New York
City Council acts after 12 die of legionellosis
Codes and Standards | Aug 13, 2015
Research indicates major earthquake looming for Pacific Northwest
Most structures built before seismic codes instituted; extreme damage predicted
Codes and Standards | Aug 13, 2015
New York City may allow affordable housing developers to ‘double dip’ in subsidies
New York City may allow affordable housing developers to ‘double dip’ in subsidies
Codes and Standards | Aug 13, 2015
L.A. considers controversial traffic calming measures
Goal is to encourage alternative transportation
Codes and Standards | Aug 13, 2015
Proposed facility smart grid standard open for public review
Goal is common way to describe, manage, communicate about electrical energy consumptions, forecasts
Codes and Standards | Aug 6, 2015
AAMA updates methods for testing of exterior walls
The standard specifies test methods, specifications, and field checks to evaluate structural adequacy of exterior wall systems composed of curtain walls, storefronts, and sloped glazing.
Codes and Standards | Aug 6, 2015
Difference in male-female thermal comfort is due to clothing, ASHRAE says
Women wear lighter clothing in the summer, so they tend to be cooler in air-conditioned rooms, according to the group.
Codes and Standards | Aug 6, 2015
ConsensusDocs releases new CM agency contract standard agreement
For use when owner acts as the construction manager, hires a construction manager, or uses multiple prime contractors
Codes and Standards | Jul 31, 2015
AIA, International Code Council reach collaborative agreement on building codes
The deal covers a wide range of initiatives, including code development, compliance, and sustainability.