When it comes to commercial real estate, accurate square footage measurement is crucial for a variety of reasons. From determining rental rates to assessing property taxes, having precise measurements can make a significant impact on the bottom line. That's where BOMA calculations come into play. BOMA, or the Building Owners and Managers Association, has established industry standards for measuring rentable square footage in commercial buildings. Understanding and mastering these calculations is essential for property owners, managers, and tenants.
The Importance of BOMA Calculations
BOMA calculations are based on the BOMA standards, which provide a consistent method for measuring and calculating rentable square footage in commercial properties. These standards ensure that all parties involved have a clear understanding of how space is being measured, which helps prevent disputes and discrepancies down the line. By following the BOMA guidelines, property owners can accurately determine rental rates based on usable square footage, while tenants can have confidence in knowing exactly what they are paying for.
How BOMA Calculations Work
BOMA calculations typically involve measuring both the usable square footage and the common areas within a building. Usable square footage includes any space that can be exclusively occupied by a tenant, such as offices or retail space. Common areas include shared spaces like hallways, lobbies, and restrooms. These measurements are then used to calculate the rentable square footage by applying various load factors to account for things like core areas and vertical penetrations. Mastering these calculations requires attention to detail and adherence to the specific guidelines outlined by BOMA.
Benefits of Accurate BOMA Calculations
Accurate BOMA calculations offer numerous benefits for both property owners and tenants. For property owners, precise measurements can lead to more competitive rental rates that reflect the true value of the space being leased. This can attract high-quality tenants and increase overall profitability. On the other hand, tenants benefit from knowing exactly how much space they are getting for their money, which helps them make informed decisions when leasing commercial properties.
Challenges in Implementing BOMA Calculations
While mastering BOMA calculations is essential for accurate square footage measurement, there are some challenges that may arise during implementation. For example, older buildings may not adhere to current BOMA standards, making it difficult to apply consistent measurements across different properties. Additionally, discrepancies in measurement techniques or interpretations of the guidelines can lead to disagreements between landlords and tenants. Overcoming these challenges requires careful attention to detail and communication between all parties involved.
Mastering BOMA calculations is key to ensuring accurate square footage measurement in commercial real estate properties. By understanding and following the industry standards set forth by BOMA, property owners, managers, and tenants can benefit from clear and consistent measurements that promote transparency and fairness in lease agreements. While there may be challenges in implementing these calculations, the long-term benefits far outweigh any initial hurdles. Ultimately, becoming proficient in BOMA calculations is an investment that pays off in increased profitability and peace of mind for all stakeholders involved in commercial real estate transactions.
Contact a local company to learn more, like Hazelrigs Architecture.
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