BOMA recently revised its method of measurement, and since then, we’ve seen a steady increase in CRE owners increasing asset value by re-measuring with the new standards. RDM’s Take Advantage chart that breaks down the changes and where landlords can expect to see value in re-measurement.As a CRE solutions and software platform, we provide the ideal combination of best in class building measurements and space management software. Our online application RealAccess automatically calculates your BOMA square footage reports while reducing time and risk.
Below we’ve put together a couple of real-life case studies to help illustrate the benefit and ROI in measuring your building.
Washington, D.C. Customer
Over $1.1 Million in Additional Annual Lease Income
The customer wanted to analyze existing square footage across their portfolio and determine benefits of converting to the new BOMA standards. They were also seeking a software solution to manage occupancy data, space, and floor plans with accounting interpretation.
RDM implemented a portfolio re-measurement to analyze the existing rentable area and updated all the floor plans using the latest BOMA methods to achieve the maximum value. After the re-measurement, RDM’s space and asset management solution was rolled out.
The customer achieved a significant increase of over $1.1 million in annual leasing revenue. With all the buildings live, the team was onboarded to RealAccess. With a central hub to access building data down to the floor and suite level, they are saving a substantial amount of time recapturing approximately 100 hours a year.
Large International Real Estate Portfolio
20,000+ Square Feet Added with ROI of Millions
A large international real estate investment manager was seeking a fast and cost-effective way to support their disposition process for a commercial office building in Northern Virginia.
Using mobile scanning equipment, the team was able to re-measure over 300,000 sq. ft. in one day. (More common, traditional methods of scanning typically only cover 30,000 to 40,000 sq. ft/day.) RDM implemented its RealAccess application to analyze the CAD data quickly.
After the building went into production, RDM’s team leveraged the RealAccess software and successfully discovered an additional 20,000+ sq. ft. of BOMA RSF. Through this exercise RDM successfully paid back millions of dollars of asset value within weeks and compressed the traditional re-measurement timeline to a fraction compared to other methods.