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FOR IMMEDIATE RELEASE
BOMA Releases Office Building Performance Report:
2003 EER Cites Hikes in Security and Administrative Costs
Washington, D.C. - 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, Minn., “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.
Founded in 1907, the Building Owners and Managers Association (BOMA) International
is a dynamic international federation of more than 100 local associations. BOMA
International's 18,500-plus members own or manage more than nine billion square
feet of downtown and suburban commercial properties and facilities in North America
and abroad. The mission of BOMA International is to enhance the human, intellectual,
and physical assets of the commercial real estate industry through advocacy,
education, research, standards, and information. For more information, visit
the BOMA International Web site at www.boma.org.
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Complimentary copies of the EER are available to members of the working press
by calling 202-326-6354 or by e-mailing tsandvig@boma.org.
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