The BOMA Breakdown: What Does Boma Stand for in Real Estate

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Acronyms and associations are essential in creating industry standards and practices in the dynamic real estate field. The Building Owners and Managers Association, or “BOMA,” is one such acronym that has attracted much attention. We’ll go into the realm of BOMA in this post, including its background, importance in the real estate sector, and advantages for professionals such as yourself. We at Measure Up Corp are thrilled to highlight the achievements made by BOMA because we recognize how important it is to be knowledgeable and involved in the real estate industry.

The Creation of BOMA

BOMA’s inception dates back to when the real estate sector lacked a cohesive voice. Building owners and managers realized early in the 20th century that a professional organization was necessary to address sector issues and advance best practices. These demands were met by BOMA, which formed its initial chapters in significant American cities.

BOMA has developed into a powerful worldwide organization representing building owners’ and managers’ interests and promoting professionalism in the real estate industry.

The Building Owners and Managers Association

Full name: The Building Owners and Managers Association, or BOMA. Its purpose is obvious: through networking, education, research, and advocacy, it will advance the interests of building owners and managers. Even though BOMA’s name strongly emphasises “building owners and managers,” its scope goes well beyond these positions. The resources provided by BOMA are valuable to students interested in a career in real estate as well as architects, engineers, and facility managers.

BOMA’s Role in the Real Estate Industry

It is impossible to overestimate BOMA’s impact on the real estate sector. It is a gathering place for professionals to network, work together, and develop. BOMA provides members with abundant tools, including industry research and educational events, to help them remain ahead in a rapidly changing profession.

Additionally, BOMA regularly participates in advocacy campaigns, speaking for building managers’ and owners’ interests on important policy issues. BOMA gives professionals a unified voice and ensures their concerns are heard by bringing them together under one roof.

BOMA’s Standards and Guidelines

Developing standards and recommendations that influence the management and measurement of properties is one of BOMA’s most notable contributions to the sector. The BOMA Office Standard and the BOMA Energy Performance Contracting Model are two examples of widely accepted BOMA standards. These standards guarantee uniformity and openness in property management procedures by giving real estate professionals a consistent vocabulary.

BOMA International vs. Local BOMA Chapters

BOMA is a global organization that also has local operations. Local BOMA chapters provide specialized support and networking opportunities in specific locations, while BOMA International establishes industry standards and offers a worldwide network. A great approach to meeting professionals in your area and tacklingtackling regional issues is to become a local chapter member.

Membership Benefits

Obtaining membership in BOMA opens up a wealth of advantages. Access to industry insights, educational programs, networking opportunities, and a community of like-minded professionals are all provided to members. Membership in BOMA can alter your life, whether your goal is to learn more or further your career.

BOMA’s Impact on Sustainability

Sustainability is a primary real estate concern in the modern world. BOMA knows this and works hard to encourage environmentally friendly business practices. BOMA actively promotes green building practices and energy efficiency measures to lessen the environmental impact of properties and guarantee a more sustainable future for real estate.

Conclusion

In conclusion, A pillar of the real estate sector, the Building Owners and Managers Association (BOMA) brings professionals together, establishes standards, and promotes best practices. BOMA provides many tools and chances for professionals in linked fields, such as building owners, managers, and others, to further their careers and support sustainable development.

At Measure Up Corp, we understand how critical it is to maintain ties with trade groups such as BOMA. To use the priceless tools and networking possibilities that BOMA provides, consider joining the organization or a local BOMA chapter. At the same time, you negotiate the challenging real estate market. When we work together, we can meet the highest expectations for quality in the real estate industry.

BOMA measurement standards

What is BOMA Measurement – Unraveling the Mystery of BOMA Measurement

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Accuracy is crucial in the complicated world of real estate and property management. One term commonly used in commercial real estate discussions is “BOMA measurement.” Understanding how to compute BOMA is crucial for accurate property valuation, fruitful lease negotiations, and maintaining transparency between landlords and tenants—even though it might seem like jargon to some. We set out to elucidate the meaning of BOMA and shed light on its real estate industry application today.

Understanding BOMA Measurement

The fundamental definition of BOMA is the uniform method for calculating the rentable square footage of commercial properties that have been approved by the Building Owners and Managers Association (BOMA). This system makes it possible to consistently calculate rent, handle leasing expenses, and value properties. BOMA standards were established more than a few decades ago and have evolved to keep up with the real estate industry’s constant change.

Critical Components of BOMA Measurement

Rentable area and gross area are the two main concepts in BOMA measurement. Common areas like lobbies, hallways, and restrooms are deducted from the rentable area, the entire area inside the property’s walls. This is referred to as the gross area. The careful distribution of common areas, ensuring accuracy and fairness, is crucial to BOMA. Because individual floor measurements account for usable space, exterior walls, and vertical penetrations, they are also essential.

BOMA Measurement Methods

The two critical ideas in BOMA are rentable area and gross area. The entire space inside the building’s walls is referred to as the rentable area, and common areas such as lobbies, hallways, and restrooms are subtracted from this amount. The gross area is the term used for this. One of the most critical aspects of BOMA is the exact and equitable distribution of common areas. Individual floor measurements are also crucial because they consider usable space, exterior walls, and vertical penetrations.

Importance of Accurate BOMA Measurement

Precise BOMA measurements affect many different aspects of the real estate market. Accurate measurements are the foundation for reasonable lease negotiations and rental agreements when dealing with real estate. Furthermore, BOMA play a significant role in property valuation and appraisal, guaranteeing that evaluations meet legal and market requirements. The transparency of BOMA is another factor that fosters trust between tenants and landlords.

Technology and BOMA Measurement

The unquestionable role of technology in BOMA measurements exists in today’s technologically advanced world. Laser measurement tools and Building Information Modeling (BIM) have transformed BOMA accuracy and efficiency. These tools promote trustworthiness in property evaluations by lowering the possibility of human error and improving measurement consistency.

BOMA Measurement Challenges and Best Practices

Boma measurements are more comprehensive than standard spaces; measuring areas such as atriums, balconies, and sloped ceilings can be difficult. To overcome these obstacles, thorough documentation—including comprehensive floor plans—is necessary to guarantee accuracy. Incorporating experts in surveying and architecture ensures adherence to BOMA standards even more.

Future Trends in BOMA Measurement

The trajectory of BOMA is changing as we look to the future. Combining machine learning with artificial intelligence (AI) has the potential to automate measurements, improving efficiency and accuracy. Furthermore, it is anticipated that the increasing focus on green spaces and sustainable design will impact BOMA measurement standards, reflecting the changing priorities of the real estate sector.

Conclusion

In the real estate industry, where each square foot is valuable, BOMA becomes essential for upholding accuracy, fairness, and transparency. By exploring its nuances, we can better understand the significance of BOMA in real estate appraisal, lease negotiations, and tenant satisfaction. To ensure future informed decision-making and equitable property dealings, Measure Up Corp. advises professionals to stay current on the constantly evolving BOMA measurement standards and practices.

BOMA REBNY CALCULATION

Things to Consider for Implementing Accurate BOMA Area Calculations for a Building

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BOMA standards for floor measurement are popular throughout the commercial real estate sector. It is well known as a common practice to add a reference to BOMA floor standards in basic lease language. Every reference in the lease must be specific as to the method and the standard publication year. In this blog, you will find some considerations for implementing precise BOMA area calculations for a building.

Considerations for Applying BOMA Area Measurement Standards

The process of calculating and then applying the standard is a step-by-step procedure. It will take commitment and time.

Have Your Building Professionally Evaluated

Everything in a building is assessed by square footage. Lease costs, building expenses, contractor services, lending practices, operating charges, sales calculations, and management services are all calculated depending on the building’s square footage. Hence, an owner will surely want the building measurements used to be accurate and authentic.

It is necessary that the organization you hire to measure your building completely understand the BOMA floor measurements so you can get precise calculations. Make sure to use the services of an experienced measurement professional.

You may ask the following questions:

  •         How long have they been offering floor measurement services?
  •         How many buildings has the company measured?
  •         Can they offer recommendations from satisfied clients?
  •         What measurement strategy do they use?
  •         What is the total square footage the company has measured?
  •         What deliverables will the company offer so you can authenticate precise floor area calculations and measurements?

Create a Square Footage Tracker

Although you may be using a great property management service, an Excel Spreadsheet can be an amazing solution to track different measurements for planning purposes. In Excel, you can recognize every tenant’s name, tenant suite, the leased square footage, the new square footage, and the lease expiration date.

Ensure you have clarified all building square footage, including empty suites. With the commercial building laid out this way, you can make a strategy for dealing with the variances.

Check Your Leases

Since the lease is an agreement between the landlord and the tenant, you should review and understand the supplies that identify space and building size. Does your lease language mention that the suite is a permanent square foot amount or that the square footage is approximate? Does it mention that rent is a permanent cost per square foot, or does it state a monthly rental fee depending on the approximate square footage? Does your lease language identify modifications to the suite size or building denominator? You must consider understanding your leases as you create your plan.

Create a Strategy

Your strategy will usually depend on the result of the building measurement. You should consider the lease duration of every tenant, the expiration date of their leases, the ideal time for placing the building on the market for sale, the number of vacant spaces, the building’s profitability, the targets of the ownership entity, the restrictions decided by the lender for securing a loan, and whether the owner is open to changes in measurement.

Remember these considerations for applying BOMA measurement standards to a building. Contact Measure Up Corp. if you want professionals to implement accurate BOMA area calculations in New York.

BOMA measurement standards

Understanding How Detailed BOMA Measurement Works for Office Buildings

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The BOMA or Building Owners and Managers Association recently embraced new measurement standards for commercial developments. Detailed BOMA measurement standards are mainly used in leases but are also utilized in sale or purchase agreements and building agreements for real property.

Presently, BOMA measurement standards exist for different types of real estate buildings, such as multi-unit buildings, office buildings, retail space, and industrial buildings. Moreover, these standards are used for assessing a building’s physical size.

Failing to evaluate commercial buildings precisely can possibly cost you a lot in untapped leasing revenue. Mixed-use, industrial, and retail property owners must know the latest changes to BOMA measurement standards that, when utilized properly, can cause serious revenue gains.

In this blog post, you will learn how the BOMA measurement standard works for office buildings.

BOMA Measurement Standard for Office Buildings

The main intent of the BOMA measurement standard for office buildings is to allow computation and communication on an understandable and clear basis. Usually, the BOMA standard has been the most commonly used strategy for evaluating workspace for several years. Here, you must note that this standard can be used to assess workspace in both old and new buildings. You can apply it to any type of construction or architectural design.

1. Rentable Area

The BOMA standard evaluates the tenant’s pro-rata portion of the whole office floor. This excludes the building components that get through the floor to areas below. A building’s rentable area is fixed for a lifetime, and changes in corridor configuration and sizes can’t impact it. Hence, this method is ideal for measuring the building’s complete income-generating area.

You should compute a floor area’s rentable space by assessing the internal finished surface of the ruling portions of the fixed external building walls. This excludes all prime vertical penetrations of the floor area.

2. Usable Area

The usable area of a building is the physical area that tenants can utilize to run their businesses. In this space, you can locate workstations, desks, personnel, equipment, and furniture. You can measure the usable area at these points:

  • The inside of the building’s external wall
  • The common corridor wall’s office side
  • The partition wall’s middle portion that separates two adjacent tenant spaces

Many tenants assume that they are paying just for the usable area and don’t care about the exclusions. The common areas are a crucial part of a building. After all, you cannot have a roof without walls, and you cannot build an office without electricity, toilets, or water systems. The landlord has to pay for the building and maintain all areas, so they can include them in the rentable area.

3. Load Factor

A building’s load factor is the percentage distinction between the usable and rentable areas. When the building is rented to an individual, this evaluation is easy to make. If there are many tenants sharing the same commercial building, the load factor is assessed depending on their particular shares of rentable area.

For detailed BOMA measurement in New York and professionals to help with building measurement, contact Measure Up Corp. in no time.