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 is revisiting 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, OSCRE is launching a Lease Abstract Project to revise the portion of the OSCRE Industry Data Model that relates to lease abstracting. We'd love to hear your perspective. Interested in participating? Contact Ian Cameron, OSCRE CIO at firstname.lastname@example.org
Here is a summary of what's driving interest in a revised standard:
- Tenants, owners, investors and their service firms are re-evaluating most of their leases and need better lease data to make decisions.
- There is little tolerance for cost and time wasted by manual lease abstracting and data reconciliation.
- Retail and residential 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.
OSCRE is looking for your help to close the gap between the challenges and increasing demands for better quality lease abstracts. By updating its Lease Abstract Standard and developing data modelling tools, OSCRE is addressing significant changes in lease abstracting, such as:
- Emerging technologies including artificial intelligence, Blockchain and machine learning.
- Lease accounting changes.
- Data protection regulations in Europe and elsewhere.
- High interest in retail and residential leasing.