Washington, DC, Aug. 13--The Building Owners and Managers Association (BOMA) International, the leading advocacy association representing commercial real estate, has released its 2003 Experience Exchange Report (EER), providing building performance data for nearly 640 million square feet of office space in North America.
According to BOMA International Chairman and Chief Elected Officer John P. Kelly, RPA, Ryan Properties US, Inc., Minneapolis, MN, "BOMA's EER has been the benchmarking guide for commercial real estate since 1920. This year's report spans 118 North American markets and offers operating income and expense statistics for over 3,300 buildings for calendar year 2002."
This year's results were derived from 2,530 U.S. private sector properties, 609 U.S. government office buildings, 49 privately held Canadian properties, and 206 Canadian government buildings. Highlights include:
* For U.S. private sector properties, expenses increased from 2001 to 2002 in every area except utilities, although utilities continue to comprise the highest line-item expense. The largest percentage increases were reported for administrative and security expenses, the latter rising by
14.3% in 2002.
* The U.S. government sector reported the largest cost increases in administrative (66%) and security (29%) line items. Repairs/maintenance takes first place for total expenses, edging out utilities which held the top spot in 2001.
* Fixed expenses, which include real estate taxes, comprise the largest source of expenses (33%) for U.S. private sector commercial office properties.
* New York, Boston, and San Francisco reported the highest total income and expenses in dollars per square foot of rentable office space in U.S. downtown markets.
* Canadian office buildings reported increases in utilities, but decreases in repairs and maintenance and cleaning expenses. As with the U.S., security and administrative costs rose again in 2002.
The 2003 EER contains over 500 pages of benchmarking data presented in clear, concise tabular format. Each section--private U.S., public U.S., private Canadian, and public Canadian properties--contains city analyses, special studies and national cross tabulations.
BOMA's 2003 EER is also available in CD-ROM and online formats. The CD-ROM version offers all of the detail of the book, but also allows the user to select customized reports, including cross-market comparisons, and market- specific data based on building type, ownership, class, or hours of operation.
The online version of the EER is a Web-based report that allows the user to tailor the data to fit specific needs. While similar in scope to the CD-ROM, the online version enables the user to produce graphs, charts and tables; and offers the freedom to organize the information according to personal preferences. To view a free demonstration of this product, visit www.boma.org/e-eer.
All versions of the EER are available for purchase from BOMA International and BOMA local association offices. For more information, call 1-800-426-6292 or visit BOMA's Web site at www.boma.org.
