BOMA standard Area Analysis
Area measuring is one of the main steps in buying, selling or leasing real estate, particularly when it comes to any transactions based on the square footage of the property.
Different calculations and standards can result in differences in area calculations and property value. It is therefore extremely important that all parties involved in a real estate transaction understand how and where the area calculations are derived from and what precisely they mean.
Although phrases such as “rentable area”, “tenant area”, “leaseable area”, “usable area” and “gross building area” might seem easily comprehensible and interchangeable, each phrase has, in fact, a different meaning and implies different area measurement standards. A misunderstanding of the particulars associated with each type of measurement can result in a great deal of liability. Memar Consultants Inc. has helped many clients to become more successful and profitable by making them understand the complex measurement issues involved in assessing office, retail and industrial properties.
This section of the website will provide you with some basic information and samples about different measurement methods and also with suggestions about how you can find more information about area analysis. We also provide you with some valuable information on how we can help you to choose a correct and profitable standard based on your situation in every real estate transaction.
If you are a landlord, an investor or a property manager we can help you to maximize your rentable area and elicit a greater profit from the same property by using the appropriate area measurement method.
If you are a tenant we can show you how to get a fair contract with your landlord and not pay for more than what you really use. We can help you to ask the right questions and determine what standard is being used in measuring your unit.
And finally, if you are an architect, engineer, reactor, attorney or arbitrator we can help you to not only minimize your liability but also to maximize the profitability of your client’s property.
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