With the recognition of current measurement trends in the new 2017 BOMA Office Standard, building owners and financial institutions will be able to realize income from services and amenities (balconies, covered galleries and roof top terraces) that have been provided to occupants and not measured under prior measurement standards, according to Stevenson Systems President Peter Stevenson, who spoke at a BOMA OEB luncheon.
“To the real estate broker and occupant, a reduced uncertainty and minimization of risk will result from the new standard,” he noted. In addition, through the use of the new measurement standard, global occupiers will have greater consistency of measurements.
Some Other Trends Indentified by Stevenson: Building measurement standards do not set the trends in the measuring of a building, they follow them. In reality, measurement standards trends are a reflection of common practices used by real estate brokers, asset managers, financial institutions and mostly building occupants in a real estate transaction to identify space. Measurement standards as a whole are reactive to a need to identify issues and solve them with respect to the unit of measurement (the square foot or square
meter) used to help determine the value, rents or operational expense during a negotiation.
Building designs and construction techniques have changed significantly over the years. The expanded requirements of occupants have resulted in building designs that are much different than they were 50 or 75 years ago. Occupants in buildings are setting the trends with ever-increasing lists of required amenities and additional services. For measurement standards to be relevant and purposeful today, like the BOMA Standards, they must be updated regularly to keep up with these trends.
Governmental regulations in upgraded life safety requirements have also had a great influence in measurement trends over the years. A trend in recent years to mitigate litigation risks and the requirements of global occupiers to have consistent, understandable and repeatable standards of measurement has also had a major influence on building measurement standards. As transformations are made to where we work and where we live, a greater requisite of building measurement standards will be demanded of the space that is bought, sold, leased or managed.