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High Demand for Lease Abstracts - OSCRE Reviews the Standard

The real estate industry is showing a high demand for quality lease abstracts for multiple uses, such as retailing and for use with emerging technologies.  As a result, OSCRE has revisited its existing Lease Abstract Standard to make sure that the standard continues to meet emerging needs in the industry.  Through a collaboration with leading real estate end users, service firms and software companies, revisions have been drafted to the portion of the OSCRE Data Model that relates to lease abstracting.  We'd love to hear your perspective.  Here is a summary of what we see that drives the demand for a revised standard:

  1. Retail leases have specific characteristics that call for special treatment.
  2. The imminent shift in lease accounting and financial reporting requirements adds to the need for rigor in abstracting.
  3. The emergence of "Space as a Service" as an option for occupancy is raising questions about how the service contracts relate to lease abstracting.

 

Request Review Materials

OSCRE has prepared a white paper that includes the background and details of the revisions. Click here to download the white paper.  The instructions for your review are shown on page 2 of the white paper.  It should take less than an hour for you conduct your review.

OSCRE encourages you to share your perspective by January 25, 2017, including:

  1. Sharing your perspective on the drivers for improved lease abstracting.
  2. Your review of the findings in the white paper.
  3. A more detailed review of the data model would be appreciated. To request the more detailed package for review, please contact us at  info@oscre.org