Updated: Jun 21, 2022
The case study
A commercial property manager was preparing for tenant turnover in one of his retail spaces. When his company bought the building, no as-built drawings were provided, so he didn't have tenant area breakdowns for this property.
His challenge was that he didn't have the proper tools to engage in lease negotiation after his current tenants move out. Most importantly, he needed proof that the space is as large as his documents show.
Our solution: BOMA drawings. (The Building Owners and Managers Association standardizes what areas of a commercial building are included in rentable areas.)
First, we use a LiDAR scanner to take millions of measurements in the space - we can scan over 200,000 square feet in just one day. We then create a set of drawings in CAD. The usages and square footages are included on a chart for easy reference.
Later on, when a tenant moves in, the floor plans can be used to help visualize how to lay out the space, or they can be used by builders and architects to work on renovations, repairs, or additions.
The outcome and benefits
So how did we help the client earn an extra $200,000 per year? We uncovered that the former building owner didn't include a 3000 square foot storage room in the rentable area. With lease rates in the area at an average of $65 per square foot per year, that's an extra $200k!