IRVING, Texas, Feb. 24, 2026 /PRNewswire-PRWeb/ -- OSCRE, a corporate member organization focused on the development and implementation of real estate data standards, today announced a strategic shift in how it develops those standards. For the past 20 years, OSCRE has created standardized data definitions to streamline information exchange across the real estate industry. These standards are integrated into its open-source Industry Data Model™ (IDM), which serves as a common language for real estate data. Going forward, the goal of OSCRE's data standards development work will be to establish a "smart data highway" that will move the industry beyond traditional data definitions and costly integrations to enable intelligent, automated understanding and the seamless flow of information.
"The IDM has been instrumental in addressing the problem of data fragmentation in real estate, helping companies improve efficiency, operate more sustainably and reduce costs and waste," said OSCRE CEO and Executive Director Richard Reyes. "The OSCRE Smart Data Highway will build on this success by powering advanced analytics and unlocking unprecedented levels of efficiency and intelligence across the entire lifecycle of built assets. This new approach represents a significant leap forward and solidifies OSCRE's position at the forefront of data innovation in the built environment."
Historically, OSCRE's IDM has focused on defining entities and their schemas for data exchanges, much like a conventional dictionary. For example, it provides clear definitions for what a "pump" is (using attributes like serial number or manufacturer) or what a "room" is (by referencing its size or location). While excellent for organizing data within a single system, this approach is not ideal for facilitating interoperability. If one system uses "Pump ID" and another uses "Asset Tag," they don't inherently recognize that these labels are referring to the same thing. Getting these systems to understand one another often requires complex, manual mappings.
OSCRE's new approach will add smart layers to the IDM, creating an interconnected dictionary that not only defines words but also comprehends their inherent relationships and broader context. It understands that a "pump" is a type of "equipment," which is located within a "room," which in turn is part of a "building." Crucially, it grasps that "Pump ID" and "Asset Tag" are synonymous in a given context. OSCRE will then create user-friendly tools to help stakeholders make use of the OSCRE Smart Data Highway.
"These tools will make global interoperability a reality, simplify regulatory compliance and reporting, and elevate modern technologies like AI, digital twins and advanced analytics," said Ian Cameron, OSCRE's CIO. "This new direction is not just an incremental improvement; it's a foundational enabler for the next generation of built environment technologies."
The first initiative in the development of the OSCRE Smart Data Highway is the creation of a universal chart of accounts (UCoA). Traditionally, organizations and even individual business units have used a bespoke chart of accounts that makes it difficult and costly to exchange or aggregate financial data across portfolios. The OSCRE UCoA will solve this problem by bringing consistency to how transactions are categorized across portfolios, entities and systems. By serving as a common reference model that ensures everyone is speaking the same financial language, the OSCRE UCoA will enable organizations to streamline data aggregation, simplify collaboration between stakeholders and unlock new levels of analytics and automation.
About OSCRE International, Inc.
OSCRE International is a corporate member organization focused on the development and implementation of real estate data standards that form the foundation of a powerful strategy for digital transformation. OSCRE's tools and training programs enable you and your organization to empower data across the entire real estate asset lifecycle. www.oscre.org
Media Contact
Lisa Karel, OSCRE, 1 407-733-2101, [email protected], www.oscre.org
SOURCE OSCRE
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