181,000 square feet back on the rent roll.
Audited a 6.3M SF Class A portfolio and found 181,000 SF of lost rentable space. Recovered $4.7M in annual NOI and added $78M in portfolio value.
Case Study
01The Challenge
Accurate in 2000, drifting by 2013.
The client acquired a 6.3 million square foot Class A high-rise office portfolio in a major U.S. city. While the buildings had been accurately measured in 2000, no systematic process existed between 2006 and 2013 to maintain correct occupancy calculations. Building management, space planners, and architects each applied inconsistent measurement methodologies, progressively shrinking the documented square footage.
02The Solution
Finding the space the paperwork lost.
Stevenson Systems conducted a comprehensive audit involving detailed measurements and analysis. The firm discovered over 181,000 square feet of rentable space that had been lost through calculation errors over six years, representing $58 million in lost revenue.
03The Results
$4.7 million in NOI, $78 million in value.
The audit recovered $4.7 million in annual net operating income and added $78 million to overall portfolio value. The client integrated SSI Ongoing Services to establish centralized processes that verify and maintain accurate square footage for each occupant. The leasing team received training in best practices for long-term lease information management.
Next Step
What is your portfolio actually measuring?
Every engagement starts with your goals. Tell us what you want your buildings to deliver, and we will show you where accurate measurement moves revenue, operating costs and asset value.