If you’re not using the latest building measurement technology and methods, you probably aren’t maximizing your building’s revenue. Property teams should be using the newest Building Owners and Managers Association (BOMA) measurement standards to avoid undercounting hundreds or even thousands of square feet of potential rental revenue generation.
Using architects to measure rentable square footage (RSF) can compound this issue. Architectural firms like designing new construction projects; not performing re-measurements on existing buildings. So relying on architects to make floor plan changes—or even view floor plans—can be time-consuming and costly.
To maximize revenue from buildings requires the latest building measurement standards and easily accessible floor plans. Many property teams spend up on CAD software or architects to do this. But space management software offers an easier, and cheaper way to maximize RSF and visualize floor plans.
Use the Newest BOMA Measurement Standards
If you’re using outdated building measurement standards, you are likely missing out on revenue from additional RSF. (View the various BOMA standards side-by-side.)
Although there have been two iterations since, some property teams still rely on BOMA 1996 to measure buildings. In multi-story multi-tenant buildings, BOMA 1996 doesn’t allow for the same load factor to be used throughout a building. (Load factor is the ratio between rentable and useable space.) This results in constantly changing RSF that’s hard to keep up with.
BOMA 2010 improved on the lack of a single load factor by introducing two ways to measure buildings: Method A and Method B. 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.
BOMA 2010 also introduced a capped load factor, which can help inefficient buildings with a lot of common areas be more marketable.
This is the most recent BOMA measurement standard. It allows the inclusion of exterior amenities and major vertical penetrations like stairs or elevators, which can increase a building’s RSF. If you’re using an outdated building measurement method, you’ll miss out on the revenue these changes to measurement entail.
Property teams in New York City and select adjacent Tri-State markets use Real Estate Board of New York (REBNY) standards to measure buildings. More aggressive than BOMA, REBNY standards really maximize RSF—they usually exceed gross building area.
Stay on Top of Changes
Whatever building measurement standard your market uses, it’s important to use the most up to date method. This allows you to take advantage of any RSF gains that can increase leasing revenue.
The easiest and most cost-effective way to stay on top of measurement changes is to use space management software (and some building operations software). Look for platforms that offer experts to help you navigate any standards changes, so you don’t have to spend time keeping up with every new measurement method.
With space management software, it’s easy to use the most recent building measurement standards to uncover additional RSF.
This way you don’t have to hire expensive architects who may not always measure your building correctly.
The Traditional Floor Plan Process is Broken
Along with using the newest BOMA measurement methods, being able to visualize floor plans makes leasing easier and more efficient.
Your leasing team needs to know about vacant space before you can fill it. However, if you don’t have a way to track vacant spaces, that handicaps your leasing team. If there is a significant lag between when a space becomes vacant and when the leasing team learns about it, that costs you revenue.
When building space is constantly changing, it’s hard to get correct floor plans. And leasing teams need accurate floor plans to market spaces.
Traditionally, leasing team get floor plans by requesting them from the property team or an architecture firm. But this can take days or weeks. And if they then receive out-of-date floor plans, those have to be updated, adding to the time deficit. This runs the risk of interested prospects moving on.
So property teams need a quick and easy way to visualize floor plans, or run the risk of losing prospects and leaving space vacant longer.
Space Management Software Is the Solution
Space management software features dynamic stacking plans which offer a visual representation of a building with a breakdown of space, showing tenant data in real-time. You can see where tenants are in a building, when their leases expire, and which leases are rolling over at any time. This helps you stay on top of expiring leases and keep vacancies low.
And when you want to visualize changes, interactive floor plans mean you don’t have to rely on architects or CAD software. You can take quick measurements, see floor plans with tenant info, and reimagine tenant space on-demand.
Space management software puts you in control of your floor plans and any changes you want to make.
Take BOMA Measurement Into the 21st Century
With traditional space measurement and floor plan methods, property teams are almost guaranteed to miss out on building revenue. And not even know it.
Keeping up with building measurement changes yourself and relying on architects to visualize floor plans is time-consuming and expensive.
Using the most up to date BOMA measurement standards helps you uncover additional RSF and revenue. Easily visualizing floor plans helps you stay on top of the leasing process so you always have maximum occupancy.
Space management software offers a better way. It allows you to quickly and easily stay on top of measurement standards changes and to maximize RSF. And it allows you to visualize floor plans whenever you want and change them as needed.
To find out more about unlocking revenue by optimizing your space management, watch the Building Engines webinar: Ask the Experts: Building Measurement and the New BOMA Standard.