April 30, 2010—OSCRE (Open Standards Consortium for Real Estate), has announced the publication of the Lease Abstract Exchange, Version 2 (LSAB v2.0) which extends OSCRE’s vendor-neutral language and framework for abstracting commercial leases by now providing a capability for exporting and importing abstracts of “Green Leases.”
Green Lease contracts and templates incorporate energy and water efficiency, emissions reduction, waste minimization and other sustainability objectives throughout the entire commercial leasing process. They are published by a number of organizations, many of which participated in this initiative.
Green Leases typically include new requirements for materials, processes, recordkeeping, and reporting associated with sustainable management practices, environmentally renewable materials and reduced or offset resource usage.
LSAB v2.0 supports the exchange of a condensed summary of a complete lease document among brokers, parties to leases, portfolio managers and other stakeholders. It is focused on corporate and investment owners and individual tenants requiring day-to-day usage of lease information; i.e. interchange of lease abstract data among ERP financial accounting and lease administration systems.
OSCRE has now extended 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 published by others. The specification is available on the OSCRE Web Site. To review and download the specification, visit the OSCRE Web site.
