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 | Mar 23, 2020
Florida legislature passes bill to reduce retainage on state and local projects
House and Senate vote is nearly unanimous; law would go into effect Oct. 1.
Codes and Standards | Mar 20, 2020
Feds prod use of eminent domain to force people out of flood-prone homes
Local officials that don’t comply could lose federal money to combat climate change.
Codes and Standards | Mar 19, 2020
ASHRAE provides COVID-19 resources for operating, maintaining HVAC systems
Includes recently approved position document on Airborne Infectious Diseases.
Codes and Standards | Mar 19, 2020
CaGBC launches new version of its Zero Carbon Building Standard
Version 2 draws on lessons from more than 20 zero carbon projects.
Codes and Standards | Mar 16, 2020
Concrete industry reduces carbon footprint by 13% over five years
Result mostly due to more efficient use of Portland cement.
Resiliency | Mar 13, 2020
Feds push use of eminent domain to force people out of flood-prone homes
Local officials that don’t comply could lose federal money to combat climate change.
Codes and Standards | Mar 12, 2020
Design guide for sloped glazing and skylights updated for first time in 30 years
Helps with choosing proper glass for non-residential applications.
Codes and Standards | Mar 11, 2020
Two tree species native to the Northeast found suitable for CLT
Eastern white pine and eastern hemlock pass strength testing.
Codes and Standards | Mar 10, 2020
Prescient receives ICC certification for seismic resilience system
Technology suitable for buildings up to 12 stories in earthquake-prone areas.
Codes and Standards | Mar 6, 2020
Design firms creating plans to re-imagine D.C.’s tidal basin
Area including National Mall is facing increased flood risk.