by Rebecca Walker — September 17, 2008—A leading standards development organization for the real estate industry, the Open Standards Consortium for Real Estate (OSCRE), has published the Lease Abstract Exchange Standard Version 1.0, designed to support the exchange of condensed summaries of lease documents between landlords, tenants, brokers, leasers, portfolio managers and other stakeholders.
OSCRE Standards are initiated and developed by member organizations looking to improve the high value/high cost business processes.
OSCRE’s Lease Abstract Exchange Standard enhances accuracy and speed of data exchange, provides a universal data format for exporting and importing data to and from different software systems, reduces software capital expenses and integration requirements, and supports single original entry and re-use of accurate data and increased productivity for accounting, property and facilities management and work orders.
The first phase of the Standard is intended for use in United States commercial settings with incremental updates planned in phases to adapt the Standard for use in other countries and regions. Due to strong interest by the business community, software vendors have begun implementing the Lease Abstract Standard into their products to meet the demand to do more with less, faster and with increased quality.
For more information, see the Web site.
