BOMA Measurements: Accurate Rentable Square Footage and BOMA Compliance
Why Accurate Measurements Matter
Before we delve into the specifics of BOMA measurements, let’s understand why having accurate measurements of rentable square footage is of paramount importance in commercial real estate.
Fair Lease Agreements: Accurate measurements ensure that lease agreements are fair for both landlords and tenants. An error in square footage can lead to one party paying more than their fair share.
Transparent Transactions: Precise measurements promote transparency during lease negotiations. All parties involved can trust that the figures being used are reliable and unbiased.
Legal Protection: Accurate measurements provide legal protection. In case of disputes or litigation related to lease agreements, courts often rely on well-documented and standardized measurements like those from BOMA.
The Role of BOMA Measurements
Now, let’s explore how BOMA measurements come into play to achieve this accuracy.
What is BOMA? – The Building Owners and Managers Association (BOMA) is a respected authority in the commercial real estate sector. Among its significant contributions are industry-recognized standards for measuring buildings.
BOMA Measurement Standards – BOMA has developed detailed guidelines for measuring various aspects of buildings, including floor area, common areas, and vertical penetrations. These standards provide a consistent and reliable method for determining rentable square footage.
The Benefits of BOMA Compliance
Complying with BOMA standards offers numerous advantages for real estate professionals:
Credibility: BOMA standards are widely recognized and respected in the industry. Complying with these standards enhances your credibility as a landlord or tenant.
Transparency: BOMA standards promote transparency in lease agreements. Both parties can trust that the measurements used are impartial and fair.
Consistency: BOMA-compliant measurements ensure consistency across different properties. This consistency allows for easier comparisons and negotiations.
How to Ensure BOMA Compliance
Ensuring compliance with BOMA standards is essential for reaping these benefits. Here’s how you can do it:
Understand BOMA Guidelines: Familiarize yourself with BOMA’s measurement standards, readily available on their website and in industry publications.
Seek Professional Assistance: Consider hiring a qualified measurement professional or a BOMA-trained expert. Their expertise ensures accurate measurements and compliance.
Regular Updates: Buildings change over time, and it’s crucial to update measurements to reflect any alterations or renovations, maintaining accuracy.
Transparent Communication: Keep tenants informed about the measurement process. Transparency builds trust and minimizes disputes.
In the competitive commercial real estate landscape, accuracy and fairness are non-negotiable. BOMA measurements provide a standardized and reliable way to achieve accurate rentable square footage, ensuring transparency and compliance with industry norms. By adhering to BOMA standards, you not only enhance your reputation but also contribute to a thriving and trustworthy real estate market. Make BOMA measurements an integral part of your leasing process, and watch your success in the industry soar. Accurate measurements and BOMA compliance go hand in hand, ensuring that everyone benefits from precise and equitable lease agreements.