By Liz Wolf
Need more proof that the way millennials work is impacting office real estate? Just take a look at how demand for outdoor spaces to attract young talent is changing how buildings are being measured.
Popular outdoor amenities like balconies, covered galleries and finished rooftop terraces that are for exclusive use by a tenant may now be included in the rentable square footage calculation of an office building.
This is one of the significant changes that the Building Owners and Managers Association (BOMA) International has made in its latest update to its floor measurement standard for office buildings. The guide, released in October, is called the BOMA 2017 For Office Buildings: Standard Methods of Measurement. BOMA has been the go-to source in floor measurement standards since 1915.
The last time the standard was updated was in 2010 and obviously, the way tenants use space has changed dramatically since then. Previously, rentable square footage calculations didn't adequately account for these outdoor spaces. This update should lead to an increase in a building's rentable area
"The 2017 standard really reflects the changes that are happening in the marketplace," BOMA International Chair Rob Brierley told VTS. He's also an executive vice president at Colliers Boston. "There has been such an increasing demand for well-appointed exterior amenities like balconies, covered galleries and finished rooftop terraces. If the tenant is taking advantage of it, the rationality is they should also now include it as part of the rentable square footage… It's a more clear and accurate representation of how tenants are actually using space."
Big changes since the last time the standard was updated.
"Over the last decade, the amenity packages that folks are asking for is changing so quickly," Brierley added. "Today if you don't have a roof deck or patio, you're definitely at a disadvantage
