New data standards should encourage efficiencies in all real estate sectors.
By Noreen Seebacher|August 08, 2008 at 04:38 PM
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A leading standards development organization for the real estate industry is getting closer to its goal of interoperability-enabling software and hardware from multiple vendors to communicate seamlessly across diverse systems, platforms, applications and networks using open, public standards for data exchange.
The Open Standards Consortium for Real Estate (OSCRE) just published three new standards and is finalizing work on a fourth. Last week, it released version two of its Commercial Information Exchange (CIE) Standard. This week, it issued its Work Request and Work Order Fulfillment (WRWOF) standard and Commercial Property Information Exchange (CPIE) Standard.
OSCRE was formed to develop, synthesize and adopt e-business standards that will enable the real estate industry to function effectively and efficiently in the new economy.
“OSCRE members are concluding very significant bodies of work that are poised to produce a seismic shift in the way the real property industry does business,” says Andy Fuhrman, CEO of OSCRE “We’re talking about truly incredible and realistic reductions in operating costs, data exchange, improved data quality and transparency and the beginning capabilities for industry stakeholders to perform end-to-end electronic transactions.”
The CPIE Standard is designed to streamline the exchange of portfolio level data, such as sites, buildings and tenant lease information from seller to buyer, saving the new owner weeks or months of effort to manually input information about a property.
The WRWOF standard will automate service requests, work order management and report generation between stakeholders with shared business processes, including occupants, service providers, suppliers and owners. The standard is applicable for corporate, commercial, industrial and multi-family sectors of real estate.
“The benefit of this standard is to reduce the cost and time it takes to develop and support the request and fulfillment process, allowing direct interoperability between different partners across different user platforms and reduce the time to migrate data and increase reliability,” says John Serri, senior solutions architect of Manhattan Software and chair of OSCRE’s Facilities Management Workgroup.
Current methods for processing service requests and work orders require custom systems integration between various stakeholders and their software applications, Fuhrman said. “Processes must be reengineered and re-deployed each time new service providers become part of the team. The ability to replace service providers and software applications has been extremely difficult since they typically provide their own software applications with a proprietary method of structuring their data,” he said. The problem, he explains, is multi-faceted:
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Brannan Square is a three-building office complex that will enhance the SOMA neighborhood and its appeal to the tech sector, and tenants will have access to ZO, Tishman Speyer’s offering of lifestyle services and experiences.
Cushman & Wakefield reports US Foods has signed a lease renewal for 275,000 square feet at 9399 W. Higgins Road, part of the Riverway office campus. The lease renewal includes an option for further expansion at Riverway.
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