Posted by carlson on October 5, 2017 in Market Update

The Building Owners and Managers Association (BOMA) will be releasing a new version of its Office Standards this fall. The most significant changes will address how building measurements will be calculated.

Proposed changes include additions to what’s considered to be “rentable areas.” Areas such as balconies and rooftop terraces and the lowest levels of vertical areas such as stairwells and elevator shafts will now be included.

The new standards will also align better with the International Property Management Standards (IPMS) for increased standardization — even across borders.

The revisions reflect industry best practices that have evolved since BOMA released its previous version of Office Standards in 2010. By reevaluating and tightening standards, BOMA seeks to make space evaluations more equitable. Solid, consistent standards will make direct comparisons among properties easier.

In most cases, these new standards will increase the square footage of “rentable areas.” The size of that impact will vary depending on the specific properties. Using previous versions of the BOMA standards will still be possible— it will just depend on the priorities of the owners and whether re-measuring is warranted.

“At Carlson Commercial, we’re making every effort to understand how these new standards will impact our clients,” said Ted Carlson, President of Carlson Commercial. “As soon as we have the new standards in hand, we’ll start to evaluate how to navigate the changes for both tenants and landlords. There definitely won’t be a one-size-fits-all solution.”