Are you maximizing your building’s revenue by uncovering more RSF and visualizing floorplans?
If you’re using outdated building measurement methods, you probably aren’t. Without the newest building measurement standards, you’re potentially missing out on hundreds of SF you could be earning rental revenue on.
Plus, if you use architects to measure your RSF, you likely aren’t getting the most out of your buildings. Architectural firms prioritize resigning new construction projects – not performing remeasurements on existing buildings. Plus, it can be time-consuming and costly to make floorplan changes (or even view floorplans) if you rely on an architect for it.
How can you get the most revenue from your buildings?
You need to use the latest building measurement standards and easily visualize your floorplans. While you could invest in costly CAD software or hire architects to do this, the easiest way to maximize RSF and visualize floorplans is with space management software.
Wondering how space management software could help you earn more from your buildings?
Here’s how to uncover additional RSF and visualize floorplans with space management software.
Use Newest Building Measurement Standards
If you’re using outdated building measurement standards, you could be missing out on revenue from additional RSF.
Although 2 iterations out of date, some buildings still rely on BOMA 1996 for measuring their buildings. In multi-story multi-tenant buildings, BOMA 1996 doesn’t allow for the same load factor (the ratio between rentable and useable space) to be used throughout the building. This results in constantly changing RSF that’s hard to keep up with.
BOMA 2010 aimed to improve on the lack of a single load factor by introducing 2 ways to measure buildings. Method A is similar to BOMA 1996. But, it has a fairer distribution of Building Common Area – for a more stable RSF over time. Method B introduced the single-load factor – which gives tenants equal portions of floor/building common areas.
And, BOMA 2010 introduced a capped load factor, which can help inefficient buildings (with a lot of common areas) be more marketable.
BOMA 2017 is the most recent BOMA measurement standard. Changes like the inclusion of exterior amenities and major vertical penetrations (like stairs or elevators) have the potential to increase your building’s RSF. If you’re using an outdated building measurement method, you’ll miss out on these gains – and the ability to generate more revenue.
If you’re in New York (or a select few other markets), you’ll use REBNY standards to measure your building. More aggressive than BOMA, REBNY maximizes RSF – which usually exceeds gross building area.
How to Stay on Top of Changes
Whatever building measurement standard your market uses, you should always use the most up to date method. That way, you can take advantage of any RSF gains – so your building can earn more.
But, staying up to date with building measurement standards can be difficult. And, it can be hard to accurately measure your building – so you can count all possible RSF.
Space management software makes it easy to stay on top of any measurement changes. With experts to help you navigate any standards changes, you don’t have to waste time keeping up with every new measurement method.
Plus, these experts can help you measure your buildings correctly – so you don’t have to worry about mis-measuring. And, you don’t have to hire expensive architects who won’t even measure your building properly.
With space management software, you can use the most recent building measurement standards to uncover additional RSF in your building.
Easily Visualize Floor Plans
Along with using the newest building measurement methods, visualizing your floorplans can help you lease more efficiently – and maximize building occupancy.
Before you can fill vacant space, your lease team needs to know about it. However, without a way to keep track of vacant spaces, your lease team won’t be able to fill vacancies quickly. There might be a significant lag between when a space becomes vacant and when your team learns about it – which costs you potential revenue.
Plus, lease teams need accurate floorplans to market spaces and bring interested parties to close. Since building space is constantly changing, it’s hard for your team to get the correct floorplans. Without the newest floorplans, your lease team can’t market your properties effectively – so it takes longer to earn max revenue.
Traditionally, your lease team gets floorplans by requesting plans from your property team or architecture firm – which can take days or weeks. After weeks of waiting, your team receives out of date floor plans that they can’t use. So, you have to update your floorplans – which takes even more time.
By the time your lease team finally has the right plans, prospects have already moved on. Without an easy way to visualize your floorplans, you’re losing prospects and leaving space vacant for longer – reducing the earning potential of your building.
An easier way to have visibility into your floorplans is with space management software – which allows you to view floorplans instantly and in different ways.
Dynamic stacking plans are a digital twin of your building – allowing you to see tenant data in real-time. So, you can see info like where tenants are in the building, when their leases will expire, and how much square footage is rolling over at any time. This can help you stay on top of expiring leases – so you always have a full (and profitable) building.
Interactive floorplans make it easy to visualize changes – without having to rely on architects or CAD software. So, you take quick measurements, see floorplans with tenant info, and reimagine tenant space on-demand. With space management software, you’re in control of your floorplans – and any changes you want to make.
Instead of waiting on slow architects, take charge of your floorplans with space management software. With it, you can view your floor plans from different angles and make changes whenever you want. So, you can stay on top of the leasing process – ensuring a full building with max revenue.
Wrapping It Up
With traditional space measurement and floorplan methods, you could be missing out on building revenue. And, you might not even know it.
Using the most up to date building measurement standards can help you uncover additional RSF – increasing your building earnings. And, easily visualizing floorplans can help you stay on top of the leasing process – so you always have max occupancy.
While you can keep up with the many building measurement changes yourself or rely on architects to visualize floorplans – this is time-consuming and expensive.
A better way is to use space management software. With space management software, you can easily stay on top of measurement standards changes and maximize your RSF – without investing much time. Plus, you can visualize floorplans whenever you want – and even change them as needed.
Looking for a space management software to maximize your building’s revenue? Consider Prism’s space management module. With Prism, you can stay current with measurement standards, potentially uncover additional RSF, visualize floorplans, and more.