BOMA (Building Owners and Managers Association) standards were created to standardize the rentable square footage marketed in CRE office properties. BOMA is the most commonly used measurement standard throughout major markets. Over the years, there have been several revisions to the measurement standards – the most recent being 2017 (you can read the changes that were made here).
It is vital for CRE professionals and owners to make sure that their properties are measured using the right, most up to date, standards in order to maximize the potential rentable square footages across their portfolios. If the measurement standards you’ve used to measure your building previously are now outdated, chances are you’re leaving money on the table.
Remeasure your building, uncover more RSF
The latest BOMA standards include certain spaces that weren’t accounted for in pervious measurement standards. For example, exterior amenities, such as roof top terraces and balconies, and vertical penetrations such as stairs and elevator shafts are new additions to the standards that could potentially increase RSF.
The changes in these standards give your building the potential to grow. Do you have new amenities? Outdoor space unaccounted for? If you are relying on outdated measurement standards that were used years ago to measure your buildings, chances are you are missing out on uncovering unaccounted space that could provide an increase in your RSF and leasing revenue.
Verify rentable square footage through Area Calculations
From years of compounding rounding errors, to older measurement standards, the size of a property can often be overstated or understated. RDM has supported several client portfolios by finding inconsistencies in building measurements. We have performed area calculations for several acquisitions on both the buyer and seller side. By performing a BOMA remeasurement survey of the property, investors can vet the building and determine if it’s smaller than marketed, or if they’re buying into a gem that has been undermanaged. RDM can help add credibility and validate the accuracy of existing calculations.
Stop losing money month and after month
It is important to partner with an experienced firm like RDM to make sure owners are maximizing their RSF while staying in compliance with BOMA 2017. Inaccurate measurements are very common within commercial real estate and can lead to reduced revenues. Ensure you aren’t unknowingly losing money by easily turn these losses into gains by adhering to BOMA standards and remeasuring your building. Knowing the rentable square footage of a property is critical to making a good investment decision or bringing additional value to the building.
RDM finds that buildings are not maximizing rentable square footage and works with landlords to identify and capture additional space. Schedule a quick demo and learn how RDM can help you maximize asset value.