Accurate area reporting is essential when preparing a space for lease or sale. Too often, realtors and tenants depend on area figures that are outdated or improperly calculated in the first place - a liability that places deals and reputations at risk. Know your numbers. Let us apply BOMA, IPMS, or the preferred methodology to your existing CAD files. For over 20 years, Extreme Measures has been providing industry-leading area analysis and consulting services to the Real Estate Industry at large.
BOMA 2017 For Office Buildings: Standard Methods of Measurement - ANSI/BOMA Z65.1-2017 was published in October 2017. Under the new standard, your buildings are likely to grow. There are many improvements to the standard, including:
Even small discrepancies in floor area can have a significant impact on leasing figures and building valuation. As a result, the real estate industry has long required a systematic and consistent method for measuring buildings that landlords, tenants, sellers, and purchasers can all agree on.
The Building Owners and Managers Association (BOMA) seeks to provide guidance with its suite of BOMA Floor Measurement Standards. Since 1915, BOMA International has published its flagship Office Standard with recent issues in 1980, 1996, 2010, and 2017. BOMA also has measurement standards for industrial, retail, multi-unit residential and mixed-use buildings.
BOMA Standards are well adopted in North America and in other markets worldwide, but they aren't the only options available. The International Property Measurement Standard (IPMS) has caught on with international asset managers as an effective way to track and compare property sizes in any country, regardless of regional business practices. In addition to BOMA and IPMS, there are numerous measurement methodologies created by various governments, organizations, and corporate entities around the world. Most are developed for a specific task such as municipal zoning, construction permitting, facility management, or program funding etc.
Extreme Measures is a major contributor to the BOMA International Floor Measurement Task Force. We are currently under contract to help modernize the entire suite of BOMA's floor measurement standards. Work is presently underway with new standards released as they are completed.