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On April 7, 2011, OSCRE (Open Standards Consortium for Real Estate) and CoreNet Global signed a Memorandum of Understanding with the objective of advancing the use of technology in the real estate sector. OSCRE is a not for profit initiative that has developed industry standards across the real property sector and has spearheaded the efforts to implement a standard for defining and exchanging real estate data. The OSCRE standard is an effort to normalize the data formats defined by other data standards-settingorganizations that include the International Facility Management Association (IFMA), Building Owners Management Association (BOMA), and those organizations promoting technologies such as Building Information Modeling (BIM), and more. A widespread adoption of the OSCRE standards would create an easier, frictionless path to integrating building automation systems, communications systems and real estate data bases thereby achieving true IP convergence. On February 9, 2009, TRIRIGA, Inc. (recently acquired by IBM) a leading integrated workplace management system and environmental sustainability software provider, announced it was the first software vendor to incorporate the OSCRE Lease Abstract Exchange standard. TRIRIGA delivered pre-built business processes and pre-defined XML document exchange in accordance with the OSCRE Lease Abstract standard, which allows system users to publish or receive lease abstract data from any OSCRE compliant system. To complete the integration design process delivered, TRIRIGA worked closely with Jackson Cross Partners(a TRIRIGA/IBM Strategic Alliance Partner) and in April 2010, the first XML transfer of data using the OSCRE Lease Abstract standard was successfully completed. Since that time, Jackson Cross has partnered with TRIRIGA on numerous other abstracting projects implementing the new OSCRE standards in client databases. The Memorandum of Understanding signed in April between OSCRE and CoreNet Global is yet another milestone in OSCRE’s mission to drive the standards development process among key real estate stakeholders and to enable the real estate industry to function more efficiently in the new digital economy. Jackson Cross Partners is uniquely positioned to assist in the incorporation of the new standards across the real estate sector and is the only global resource that has successfully participated in a completed OSCRE data transfer. Lou Battagliese, a Partner in charge of Advisory Services at Jackson Cross, has long advocated the role that technology must play in driving efficiency in the real estate sector. “It all begins with the foundation of accurate data capture from the source legal documents that hold the economic information, rights and responsibilities. Integrating all of the aspects of IWMS and managing to measureable targets yields proactive decision making and a better return on investment.” The OSCRE Standards provide the “foundation of accurate data capture” and hopefully the collaboration of OSCRE and CoreNet Global will leverage the knowledge and experience of their global members to deliver the best business practices regarding the use of technology in sharing and transferring of information. Lou Battagliese is a Partner in charge of Advisory Services at Jackson Cross. For additional information on Abstracting and the OSCRE Standards, contact: Louis J. Battagliese, Jr., SIOR 610-265-7700 ext. 112 ljb@jacksoncross.com
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