BOMA 2024

REBNY stands for Real Estate Board of New York.

The REBNY (Real Estate Board of New York) measurement standard is more assertive than BOMA's. It calculates usable space up to the outer edge of the building’s exterior wall, including the thickness of corridor walls as part of the usable square footage. Additionally, REBNY permits the application of a loss factor to usable areas, which is influenced by the market and can differ for full floors versus multi-tenant spaces. Unlike BOMA, where the gross building area (GBA) is typically larger than the rentable area, REBNY’s rentable area is generally greater. GBA refers to the total floor area measured from the building's exterior wall surface.

BOMA stands for BOMA: Building Owners and Managers Association.

BOMA is the most widely used method for measuring office building floor area in the United States. It's utilized by various real estate professionals, such as building owners, facility managers, leasing agents, tenants, appraisers, architects, and planners. The BOMA method, approved by the American National Standards Institute (ANSI), defines usable space as the area inside the dominant surface of the interior face of the exterior wall, excluding common areas and major vertical penetrations.

A software solution that centralizes floor plans, tenant data, and measurement methods is valuable because it streamlines the management of complex real estate portfolios. With multiple properties, varying measurement standards (like REBNY or BOMA), and different tenant layouts, it becomes challenging to track space utilization, leasing information, and compliance with measurement standards. The software can help:

1. Accuracy & Consistency: Ensures measurements and rentable square footage are accurately calculated and standardized, reducing errors and discrepancies.
  
2. Efficiency: Saves time by consolidating data, reducing the need for manual updates or multiple spreadsheets.

3. Real-Time Access: Offers real-time visibility into available spaces, lease expirations, and property configurations, aiding decision-making.

4. Enhanced Leasing Decisions: By integrating tenant data with floor plans and measurement methods, leasing agents can better match tenants with suitable spaces and optimize space utilization.

5. Compliance & Reporting: Ensures adherence to regional measurement standards and provides consistent reporting across different markets and property types. 

Overall, it simplifies property management, improves efficiency, and helps maximize revenue potential.

The cost of software for managing floor plans, tenant data, and measurement methods depends on the features, level of customization, and the size of the portfolio. Pricing typically follows subscription-based plans, with more advanced options offering tools like space measurement standards, custom reporting, and integrations with other property management systems. Larger organizations may require enterprise-level solutions with comprehensive features and custom integrations. There may also be one-time licensing options or custom-built solutions for those with unique needs. Additional costs could include onboarding, training, and ongoing support.