In today’s challenging commercial real estate market, it can sometimes prove difficult for potential buyers to maximize the return on their investment. However, with Building Owners and Managers Association (BOMA) surveys, buyers can significantly improve their ability to get the best value out of every transaction.
BOMA, an industry group representing owners, managers and other commercial real estate professionals, serves many purposes including providing standards for interior building measurements to ensure consistency. This is accomplished by using a BOMA survey – a map of a building’s existing interior square footage – which provides a detailed breakdown of spaces within the building that allows buyers to understand the complete layout of all spaces within the building when purchasing commercial properties.
BOMA surveys can be used for both multi-story and single-story buildings. For a multi-story building, floors are depicted separately, with square footage totals on each floor. Additionally, each component area is designated according to structure and function. This is critical information for mixed-use buildings, such as industrial buildings with space devoted to warehouses and manufacturing facilities. A BOMA survey will depict the square footage devoted to each use so buyers know exactly how much warehouse, manufacturing, and office space they have available. This can help buyers not only know what they are getting and if the space will meet their needs, but also help with budgeting for any necessary renovations.
Likewise, BOMA surveys can be beneficial for single-use buildings. For example, a retail building may have areas defined as retail, office, storage, and mechanical. Even if a property is 100% retail and the building contains a certain amount of usable floor area, it is important to know the amount of space that is available for retail use and how much is taken up by auxiliary uses.
When using a BOMA survey, some areas may be defined as limited use areas, along with a statement as to why use is limited. There may be factors such as a lack of natural light or floor-to-ceiling height restrictions that limit the use or legal occupation of these areas. The designation of these areas is useful in determining if local or national legislation makes these areas totally or partially unusable.
BOMA surveys are conducted by technicians that have been trained in BOMA standards of measurement, specialty equipment used in onsite scanning, and the analysis/preparation of data.
Benefits of BOMA Surveys
There are many uses for BOMA surveys in due diligence and post-acquisition. Some of these applications include:
- Know what you’re getting: BOMA surveys give buyers the ability to know what they’re paying for before completing a transaction. Whether buyers plan to purchase space for their business or lease it out to tenants, there’s no better way to guarantee the best value for a commercial real estate sale.
- Maximizing rental costs: Amidthe surge in remote work and online shopping in recent years, many office and retail properties have declined in value. With this in mind, it is important for multi-tenant office and retail buildings to earn every dollar possible. A current BOMA survey with the latest and most accurate measurements can help property owners to ensure that rent prices reflect every square foot. It can also be helpful in marketing the property to potential tenants.
- Planning Improvements: Many property owners are considering converting and renovating office buildings to different use types. A BOMA survey provides a current layout that can be used to plan major improvements. It can also help prospective buyers understand the existing layout and determine whether renovations are feasible.
In the current market, reliable due diligence is more important than ever. Among its broad range of due diligence services, BBG offers BOMA surveys to help clients maximize the value of each transaction.
BBG works with experienced technicians and laser measurement equipment to provide the most consistent and reliable reports. BOMA surveys also capture data in an easy to-review format and are color-coded allowing quick and easy reference. To learn more about BBG BOMA surveys, please contact Rebecca Fletcher at firstname.lastname@example.org.