Well-managed buildings earn profitable distinction from BOMA
April 07, 2011
In a recent study that was performed by Kingsley Associates in coordination with the Building Owners and Management Association (BOMA), tenants were asked what they looked for in a property. The questionnaire found that the majority of 1700 tenants surveyed primarily preferred quality of service, security and efficiency, according to the Real Estate Investment Trust (REIT).
In 2009, BOMA launched its 360 Performance Program, an initiative that recognizes all-around excellence in building management and operations. Structures that meet all of the necessary requirements receive a BOMA 360 designation.
According to the news source, the program was originally designed for the real estate industry during the recession to promote the value of facilities to potential clients and inform them that a property was well-managed.
A total of 91 percent of surveyed tenants in designated buildings reported good or excellent satisfaction, versus 88 percent of tenants in comparable buildings. In addition, 73 percent of tenants in 360 buildings were satisfied with the value they received for the amount they paid, compared to 66 percent for tenants in non-360 buildings.
According to the association's website, more than 230 buildings have achieved BOMA 360 status. The classification has resulted in increased recognition, new operational policies, operational savings and increased attraction from new tenants.