Maximizing Building Portfolio Value: The Crucial Role of Lease Support Services and Up-to-Date BOMA Records

The landscape of commercial real estate has undergone a transformative journey as of late and building owners, managers, and brokers have become quite familiar with the task of navigating an ever-evolving market. With over a third of office leases set to expire by the year 2026, stakeholders approach a pivotal moment where leveraging valuable tools and resources will become paramount to ensure the success of their leasing endeavors.

The Value of Lease Support Services

Lease support services are no longer a nice-to-have but a necessity for building owners and managers to stay ahead in this competitive real estate market. With these services, such as ongoing measurements, building report maintenance, accurate rentable area exhibits, and crucial tenancy data maintenance, owners and managers can go beyond traditional property management and maximize the value of their real estate portfolios.

Ongoing measurements and building report maintenance

A traditional building measurement reflects a snapshot in time, but it does not consider the future adjustments of a space. Repositions, demising changes, and any other modifications or alterations taking place on a property can alter a building measurement and therefore impact the rentable areas of a building. Sometimes even the simplest modification could affect the lease area of more suites than anticipated. Neglecting ongoing measurements and report maintenance can lead to significant financial, operational, and tenant-related challenges. Continuously ensuring updated record drawings and building measurements helps you stay informed and avoid negligent issues mitigating your overall risk and increasing your ROI.

Producing accurate rentable areas and exhibits for potential leases

From marketing suites to drafting Letters of Intent and lease proposals to executing leases, having an industry-leading, knowledgeable partner like our Building Measurement Services team ready to assist you can not only make the entire process easier but also more conclusive.

Whether it's generating alternative floor plans and measurements or visualizing demising opportunities, utilizing professionals to produce lease outline exhibits and provide strategic consultation on measurements can help you avoid a misevaluation of property and ensure you will never leave square footage on the table.

Maintaining crucial tenancy data

Tenancy planbooks should be kept up to date with the most accurate real estate portfolio information to maintain essential tenancy data. These planbooks consist of several reports that provide informed perspectives on key lease information.

A list report which summarizes rentable and lease data by tenant, a delta report that compares rentable area versus leased areas at the suite, floor, and building levels, as well as floorplans that are color-coded by occupancy makes projections easier than ever while enabling you to monitor critical data regarding existing leases. These reports not only assist with lease documentation but also offer valuable insights to improve financial forecasting as well as planning accuracy and reliability.

Support and advisory services

To further assist with your leasing and transactional decisions, our experts will provide advice tailored to your strategic needs and ensure you’re making informed decisions at every step — whether that’s advice on potential adjustments to make the most of your measurements, a comparative analysis of another party’s measurement results, or delivering clear insights and further interpretations that may be required.

For instance, one cornerstone of effective lease management is staying up to date with the latest standards. In this context, the Building Owners and Managers Association (BOMA) has recently released the latest installment in its suite of Office Standards: BOMA 2024 for Office Buildings. The updated standard addresses the evolving needs of the market and tackles challenges encountered with previous BOMA standards, making it an indispensable resource for the industry.

Some changes to highlight from the newest office standard include several new types of spaces that are counted as rentable area, as well as a more nuanced approach to the categorization of tenant area. If you’re currently using a previous measurement standard, it may be worth investigating the impact updating to the BOMA 2024 Office Standard could have on your portfolio.

For more information regarding the impacts and changes you need to know about the BOMA 2024 Office Standard please see our blog “BOMA 2024: 5 Key Changes Reshaping Office Building Measurements.”

In a rapidly evolving commercial real estate market, staying in alignment with the latest standards is crucial for building owners, managers, and brokers. Ongoing measurement services and maintaining up to date BOMA records will empower stakeholders to navigate the changing landscape successfully, optimize leasing strategies, and ultimately maximize the value of their building portfolios. With the amount of lease expirations on the horizon, now is the time to leverage these resources for sustained success in the commercial real estate industry.

Learn more about Gensler’s Lease Support Services by contacting us at 844.412.9251 or .

For media inquiries, email .