Application of New Industry Standards Anticipated to Increase Rentable Square Footage, Other Advantages
Chicago, January 13, 2010 — SDI (System Development.Integration, LLC)’s real estate practice released its review of BOMA International 2010 edition of its “Standard Methods of Measurement and Calculating Rentable Area”, detailing several potential rentable square footage growth opportunities for owners and managers of commercial real estate thorough the application of the standard.
The fifth version of the original 1915 publication, BOMA’s 2010 standard was released in late December 2009. Updated to better meet the changing needs of the commercial real estate market and the evolution of office building design, the 2010 standard specifically defines new industry terminology regarding space designation and changes reporting methodologies. By instituting more rigorous definitions, all buildings calculated by the new standard will be more readily comparable, and allow for more efficient buildings to stand out.
The new standard also allows for an alternative method of measurement that provides a full building load factor rather than a floor-by-floor load factor, especially helpful when a building has wide variations in floor occupancy ( such as floors featuring building amenities, or buildings with a wide disparity in actual floor sizes). The standard also explicitly allows for the use of standard corridor configurations throughout a building.
SDI’s real estate practice technicians, whose typical building recalculation using the BOMA 1996 standard increases rentable space between 4-8%, identified several opportunities for owners to growth their rentable space via the 2010 industry standard:
- Tenant and store area definition can be identified as occupant
- Unenclosed public pedestrian thoroughfare areas can be included as part of the measured gross area
- Storage is now removed from the load factor section of the calculation, allowing a building to lease the space solely on the usable square footage area and providing a more accurate denominator for taxes and operating expenses
- Storage areas can be modified in parking levels without changing the total rentable square footage for the building
“With the potential for good deals on the market, now is the time to know your accurate square footage for your properties,” states SDI VP of Real Estate Robert Ladner. “At the same time, while you are collecting this data, it should be used to satisfy emergency plan ordinances, and further to baseline operational expenses and taxes.”
From building technology advisory services to video surveillance implementation to property information management, SDI helps building owners and managers maximize the leasing revenues, operational efficiencies, and security of their properties. The firm currently manages more than 150 million square feet of property information across the nation, providing clients with secured access to lease expiration dates, vacant and rentable square footage (RSF), CAD drawings and floor plans, and emergency planning documents through its online real estate portal, ProFolio™ (www.sdiprofolio.com).
SDI is a systems integrator that fuses information technology, security, operations and facility management to support critical organization systems and data by providing advisory services, technology delivery and SmartSourcingSM long-term support. With substantial private and public sector experience, SDI provides vendor-independent services and support to our nation’s critical environments to achieve a higher level of security, increase productivity and reduce operating costs. SDI embodies the technical breadth, depth of talent, and complex systems experience of a national, top-tier systems integrator – with a reputation of sticking with our projects until our obligations are met and our clients are successful. For more than 19 years, we’ve been there for our clients, and people are taking notice. Visit us at www.sdienterprises.com.
Dawn Nash Pfeiffer, VP of Marketing