What Office Landlords Need To Know About BOMA 2017
When it comes to accurately marketing rentable square feet, building standards become essential tools. As co-working spaces have burst onto the scene, and as many companies have looked to downsize, more businesses and landlords are paying closer attention to the RSF of properties.
Staying up-to-date on the latest standards, clarifications and design changes is a requirement.
Building Owners and Managers Association International just released the newest version of its office standard, BOMA 2017 for Office Buildings: Standard Methods of Measurement (ANSI/BOMA Z65.1—2017). While BOMA normally revises its standards every five years, the last major update was in 2010. The new office standard brings enhancements addressing the changing office building landscape.
What is BOMA?
BOMA International is the go-to standard method of building measurement for the majority of North America. Notable exceptions are New York City landlords, who use Real Estate Board of New York standards. But BOMA International, starting with the 2017 Office Standards, aims to align with International Property Measurement Standards, shifting toward a global focus.
BOMA measurement standards were developed to standardize the RSF advertised in office properties. These standards provide landlords with the methods they need to successfully market properties and use a formula to determine what is acceptable as leasable square footage.
How Will 2017’s Changes Impact RSF?
There are five major changes being introduced with BOMA 2017 that have the potential to impact RSF. The inclusion of exterior amenities and major vertical penetrations, like stairs, elevator shafts and atria, at the lowest level are two changes that could increase RSF. Other changes, such as the removal of the public pedestrian thoroughfare boundary condition (public, unenclosed paved areas used by pedestrians at ground level adjacent to the exterior enclosure of a building), could decrease RSF.
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.
Maximizing Building RSF With BOMA 2017
RDM specializes in helping commercial landlords navigate BOMA 2017. RDM can verify that building calculations are in compliance with the latest standards, and also help take advantage of the potential additional RSF that comes with BOMA 2017.
RDM has helped customers maximize asset value through its advisory and due diligence solution. On average, landlords looking for 6% to 10% growth can achieve an aggregate building value increase from $50M to $100M using RDM's solutions.
How Will BOMA 2017 Affect Landlords’ Portfolios?
RDM is currently offering a free assessment of current building measurements and where landlords can potentially find more space using BOMA 2017. To learn more about this free assessment and get started, call 1-877-736-0011 or email [email protected].
To learn more about this Bisnow content partner, click here.
