The Building Owners and Managers Association (BOMA) has been a leader in the commercial real estate industry for over 100 years. One of their most important contributions to the industry is the development of standardized methods of measurement for office buildings. The most recent version of these standards, BOMA 2017 For Office Buildings Standard Methods of Measurement, provides building owners, managers, and tenants with a consistent and accurate way to measure the size of office spaces, allowing for more precise lease negotiations and property valuations.
The BOMA 2017 standard provides detailed instructions for measuring office buildings and includes three different methods of measurement: the “gross method,” the “semi-gross method,” and the “net method.” Each method takes into account different areas of the building and is tailored to specific use cases. For example, the gross method is typically used for multi-tenant buildings where the landlord is responsible for common areas, while the net method is typically used for single-tenant buildings where the tenant is responsible for all areas.
One of the key benefits of the BOMA 2017 standard is that it provides a consistent and transparent way to measure office spaces. This can be particularly valuable for building owners and tenants who need to negotiate leases, as it allows them to compare apples-to-apples when looking at different spaces. This is especially important in today’s market, where tenants are looking for more flexibility and landlords are looking for ways to maximize revenue. By using the BOMA 2017 standard, both parties can have confidence that they are using the same methodology to measure spaces, which can help to avoid disputes and misunderstandings down the line.
Another benefit of the BOMA 2017 standard is that it provides a more accurate way to value commercial real estate. By using a consistent methodology to measure spaces, real estate appraisers and investors can have more confidence in their valuations, which can lead to more accurate pricing and better investment decisions. This can be particularly important in today’s market, where commercial real estate is often seen as a safe haven for investors looking for stable returns.
In addition to providing a consistent and accurate way to measure office spaces, the BOMA 2017 standard also takes into account new trends in the industry. For example, the standard includes specific guidelines for measuring spaces with green roofs and vegetative walls, which have become more popular in recent years as building owners look for ways to reduce their carbon footprint and provide more comfortable and healthy spaces for tenants.
Overall, the BOMA 2017 For Office Buildings Standard Methods of Measurement is an important tool for anyone involved in the commercial real estate industry. By providing a consistent and accurate way to measure office spaces, it can help to facilitate lease negotiations, property valuations, and investment decisions. As the industry continues to evolve, it is likely that BOMA will continue to update and refine its standards to ensure that they remain relevant and useful for all stakeholders.
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