BOMA Standards – How They’re Utilized in Chicago
Owners typically look to remeasure once the asset is acquired, a major tenant leaves or there is massive capital improvements.
August 21, 2019
- BOMA Standards determine how a specific building’s total rentable area versus unrentable area is calculated, incorporating amenities such as lobbies, elevator banks and food halls. There are a number of different metrics, ranging from measuring from wall to wall internally and externally, which may not seem like much but can be the difference in hundreds of thousands of dollars in a tenant’s rent
- In a survey of what BOMA standard 18 different Class A buildings in the CBD most recently used for building remeasurements, it was discovered that the two moth popular are BOMA 2017 and 2010.
- 2017 is a similar variation of 2010 just with language that is easier for owners and investors to understand and be more approachable – the major difference being that ground floor tenants area is measured by finished inside surfaces while 2010 utilized exterior walls.
- Owners typically look to remeasure once the asset is acquired, a major tenant leaves or there is massive capital improvements – BOMA 2010 users will likely completely shift towards 2017 Standards.
Source: JLL Research