How valuable would you be to your company or building owner if you held the keys to unlocking millions of dollars for their commercial real estate holdings?
How valuable would you be to your company or building owner if you held the keys to unlocking millions of dollars for their commercial real estate holdings? According to industry guru Ray Torto, 53 percent of the total annual return for a building is dependent on how it is managed and how the building’s staff responds to changing environments and unanticipated factors that can affect an asset.
Helping property professionals address the various elements that make up this 53 percent is what BOMA does best. In fact, throughout my more than 30 years in the commercial real estate industry, I have found that BOMA is unmatched in its ability to provide building owners and managers the tools, programs and knowledge that drive value for their companies and their buildings, not to mention their careers. BOMA serves as a resource for world-class education, measurement standards, networking opportunities, advocacy expertise, research and best practices guidance that enable those in commercial real estate to achieve excellence. No other association in the industry can claim the depth of industry intelligence, award-winning high-performance programs, legislative and building code victories or global access that BOMA offers. This is why BOMA has earned its reputation as the best business partner in the commercial real estate industry.
Over my next few columns, I will be exploring just four of the many areas where BOMA’s offerings make a tangible and quantifiable difference—two that increase revenue (the best practices found in the BOMA 360 Performance Program® and the rentable space found by measuring a property to the BOMA standard), and two that control costs (BOMA International’s building codes representation and the benchmarking information found in the Experience Exchange Report® database). This difference can total in the millions of dollars for an average commercial building. To illustrate this impact on the individual property level, I will be using the infographic (pictured, left) created by BOMA International to show how these four areas can translate into real dollars generated or saved.
Of course, this return on investment only can be achieved through active participation in BOMA. That is the message I would like to emphasize as I begin my term as chair of BOMA International. The more you get involved in BOMA, the more you will gain.