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 | Dec 10, 2019
Utilities rolling out more grid-interactive efficient building programs
Focus is on energy savings and demand flexibility.
Codes and Standards | Dec 9, 2019
Canada’s Zero Carbon Building Standard reports first 10 certifications
Projects include new and existing offices, schools, and warehouses.
Codes and Standards | Dec 6, 2019
New research examines flood mitigation policies in the U.S.
Thirteen states or cities have adopted effective measures; some restricting development in vulnerable areas.
Codes and Standards | Dec 5, 2019
USGBC unveils vision for LEED Positive
Roadmap will lay foundation for a future LEED that is regenerative.
Codes and Standards | Dec 5, 2019
Report shows reducing embodied carbon can save money and help mitigate climate change
Embodied carbon now accounts for 11% of global greenhouse gas emissions.
Codes and Standards | Dec 5, 2019
Dubai, London and New York are 2019’s ‘Construction Mega Cities’
From 2007 to 2025, GlobalData expects the cities’ combined gross domestic product (GDP) to increase by more than US$8 trillion to US$20.4 trillion.
Codes and Standards | Dec 2, 2019
New GBCI certification recognizes expertise in sustainability
Provides third-party verification of competency to ‘making the world more economically, socially, and environmentally sustainable.’
Codes and Standards | Dec 2, 2019
New tool allows users to learn how to reduce embodied carbon
Calculator delivers first digitized EPDs.
Codes and Standards | Dec 2, 2019
Trade group challenges St. Petersburg, Fla., ordinance on construction contract mandates
Legality of requirement to hire apprentices, disadvantaged workers at issue.
Building Owners | Dec 2, 2019
What building owners and AEC teams need to know about New York’s Climate Mobilization Act
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, a suite of laws aimed to meet the city’s commitment to achieving carbon neutrality by 2050.