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