Whether you’re a buyer or seller of a commercial real estate (CRE) property, it’s imperative to have the most accurate rentable square footage (RSF) data on hand. Buyers need accurate RSF calculations from the seller to avoid overpaying. With accurate data, you can find new ways to maximize revenue once you’ve taken over an asset. Sellers need accurate RSF data to have a clear picture of rentable areas. This way you can see where to increase square footage to maximize the sale price.

If you’re a buyer or seller, you’ll want to ensure you have the most up-to-date RSF data. This blog highlights the due diligence measures you should take when conducting building measurements. 

Use the latest measurement standards

Many property teams are using outdated measurement standards. Make sure you’re using new measurement standards to help you increase your RSF. BOMA 1996 is outdated and should not be used for anything other than building-wide measurement. And there are only a few instances in which BOMA 2010 Method A and Method B are acceptable to follow. Going forward, CRE teams should abide by the BOMA 2017 (Method A and Method B) and REBNY methods.

Note: REBNY is for New York and a few select other markets only.

BOMA measurement standards for 6 property types

BOMA measurement standards for 6 property types

Download the guide for an in-depth overview of six BOMA Standards and to learn their similarities and differences to the Office Standard.

Determine how space needs have changed

Many commercial tenants are now eager to modify their spaces. Amid this dynamic environment, it’s easy to measure inaccurately and miss out on revenue—or to have difficulty selling your properties because you’re charging too much. To regain a solid footing in this hybrid work era, you need to ensure all new and modified spaces are measured accurately, down to the last square foot. You can partner with a space measurement expert to help guide you through this process. 

Lean into expert guidance

While it’s important to use the newest measurement standards, it can be difficult to know the ins and outs of the standards and how to measure your buildings accordingly. Plus, standards are often updated. You can tap into space management software with expert guidance to walk you through the remeasurement process and ensure your building is measured according to the newest standards.

Implement a data management strategy

After recalculating your buildings, you need to store the updated RSF calculations. And you need to be able to see RSF across your portfolio to spot trends and find new revenue opportunities. Space management software can store your RSF data in the cloud, making it accessible anywhere by anyone on your team.

The most profitable commercial real estate starts with better space management

The most profitable commercial real estate starts with better space management

Have you considered better space management? It may seem nuanced but there are ways property teams can adjust the layout of buildings or find additional leasing space at their buildings to add to profits. Here's what you can do...

Building measurement dos and don’ts 

Inaccurate measurements are rampant in commercial real estate. It’s what happens when spaces are measured manually in-house, leaving room for human error. That’s why specialized space management and measurement firms exist – to help you navigate the latest building measurement standards. And with innovative laser technology, your property can ensure accuracy and verify that calculations are compliant with current standards. This ensures you can add RSF with each new measurement standard. And more RSF leads to more revenue.

Interested in learning more about building measurement? Download the full checklist, “Space measurement checklist for CRE due diligence” to learn how you can establish better building measurement practices at your property.