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OSCRE Americas Issues Request for Comments on Green Lease Exchange Standard
The Open Standards Consortium for Real Estate (OSCRE) is issuing a Request for Comments to all parties offering Green Leasing contract documents, guidance for those offering or engaging in Green Lease contracts, or otherwise knowledgeable of the business processes and/or data requirements for Green Leasing.
OSCRE invites parties to review its current Lease Abstract Standard (LSAB v1.1) specification and provide comments, additional requirements, and guidance on sources for Green Leasing best practices. It is envisioned that these comments will be utilized by OSCRE to extend the LSAB specification leading to a new open standard release to support Green Lease business and information exchange requirements.
The complete request for comment and supporting materials may be downloaded from the OSCRE Web site. Comments are being accepted through Friday, May 29.
Increasingly, landlords and tenants are creating so called ‘Green Leases’ which enhance typical operating and reporting requirements in order to reduce environmental and associated financial impacts on leased properties. The definition of Green Leasing is the integration of energy and water efficiency, emissions reduction, waste minimization and other sustainability objectives throughout the entire commercial leasing process. In most cases, the majority of green leasing work occurs months before the tenant has selected a suitable space. In other words, green leasing is much more than the negotiation and drafting of lease language. The integration of sustainability objectives throughout the leasing process includes service provider selection, needs analysis and communication, request for proposal (RFP) and letter of intent (LOI) drafting, site due diligence, site selection, and ultimately, the negotiation and drafting of realistic and enforceable lease language.
In January 2008, OSCRE Americas, Inc. released the Lease Abstract Exchange Standard version 1.1 (LSAB v1.1), a data exchange standard for the automated exchange of condensed summaries of complete lease documents (ie: Lease Abstracts) among owners, brokers, leasors, portfolio managers and other stakeholders. Now, OSCRE is seeking to extend the applicability of the standard to an emerging new lease class. OSCRE’s exchange standards do not replace existing lease administration applications or lease contract templates. Instead, the standard provides an open, vendor-neutral XML schema for use in conjunction with leasing templates, lease abstracting forms, and lease administration applications.