July 22, 2016

To view on BOMA International's website please click here.

(WASHINGTON, D.C.—July 22, 2016) The Building Owners and Managers Association (BOMA) International, in collaboration with research firm Kingsley Associates, released its 2016 Office Experience Exchange Report (Office EER) and the 2016 Industrial Experience Exchange Report (Industrial EER). Data from these interactive online reports offer critical insight into income and expenses within the commercial real estate industry.

Now in its 96th year, the Office EER is the commercial real estate industry’s largest and most comprehensive benchmarking resource. With information from more than 5,200 buildings in 272 distinct markets across the United States and Canada totaling nearly 900 million square feet of space, the 2016 Office EER offers more office sector data than any other comparable industry source. Top-level U.S. private-sector data from the 2016 Office EER reveals:

U.S. Private-Sector Office Building Occupancy Figures

  • Average occupancy rate: 89.88 percent
  • Square feet per office tenant: 7,746.08
  • Square feet per office worker: 309.74

U.S. Private-Sector Office Building Income Figures

  • Total rental income: $26.62 per square foot (psf)
  • Total income: $28.21 psf
  • Base office rent: $21.98 psf
  • Pass-throughs: $4.73 psf
  • Escalations: $4.85 psf

U.S. Private-Sector Office Building Expense Figures

  • Total operating expenses: $8.07 psf
  • Total operating + fixed expenses: $12.47 psf
  • Security: $0.72 psf
  • Administrative: $1.45 psf
  • Cleaning: $1.52 psf
  • Utilities: $2.16 psf
  • Parking: $0.61 psf
  • Roads and grounds: $0.25 psf
  • Repairs and maintenance: $2.00 psf

The Industrial EER, now in its second year, is the only benchmarking resource in the commercial real estate industry specifically tailored to the industrial sector. The 2016 Industrial EER offers industrial sector data from approximately 3,900 buildings in 102 distinct markets in the United States totaling more than 645 million square feet of space. Top-level U.S. private-sector data from the 2016 Industrial EER shows:

U.S. Private-Sector Industrial Building Occupancy Figures

  • Average occupancy rate: 96.61 percent
  • Square feet per tenant: 65,609.10
  • Square feet per tenant employee: 527.28

U.S. Private-Sector Industrial Building Income Figures

  • Total rental income: $5.35 psf
  • Base rent: $4.31 psf
  • Additional rent: $1.21 psf
  • Miscellaneous income: $0.07 psf

U.S. Private-Sector Industrial Building Expense Figures

  • Total ongoing expenses: $1.39 psf
  • Energy: $0.06 psf
  • Exterior building maintenance:  $0.11 psf
  • Grounds and landscape: $0.07 psf
  • Management fees: $0.15 psf
  • Water and sewer: $0.07 psf

“Solid asset management strategies are key to driving a property’s profitability and increasing tenant satisfaction,” said BOMA International Chair Brian M. Harnetiaux, senior vice president of Asset Management at McCarthy Cook. “Property professionals depend on the annual EER data to benchmark operating expenses, identify key industry trends and stay competitive.”

Both the Office EER and Industrial EER consist entirely of voluntarily reported data from office and industrial property owners and managers. These interactive online databases allow users to generate customized reports using a host of search filters, including building size, type, class, market, submarket and more, with results calculated in real-time. Reports are easily downloadable as both Excel and PDF documents, and a subscription grants unlimited access; there is no limit to the number of reports users can generate. For more information and to subscribe to the 2016 Office EER and 2016 Industrial EER, visit eer.boma.org.

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About BOMA InternationalThe Building Owners and Managers Association (BOMA) International is a federation of 91 BOMA U.S. associations and 18 international affiliates. Founded in 1907, BOMA represents the owners and managers of all commercial property types including 10.5 billion square feet of U.S. office space that supports 1.7 million jobs and contributes $234.9 billion to the U.S. GDP. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge. Learn more at www.boma.org​.

Contact

Jessica Bates

Manager of Communications & Marketing

BOMA International

(202) 326-6348

jbates@boma.org​​

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Category: General News

Tags: Benchmarking, BOMA International, Data, EER, Experience Exchange Report