The Building Owners and Managers Association (BOMA) International has released Retail Buildings: Standard Methods of Measurement (ANSI/BOMA Z65.5-2010), a new measurement standard that provides a uniform methodology for computing, communicating, and comparing the measurement of shopping centers, providing an unequivocal direct measure of the physical size of the floor area of a retail building. The standard is designed to serve the interests of building owners, managers, and occupants as well as facility managers, brokers, appraisers, assessors, lenders, insurers, developers, construction and design professionals, and others.
“We are excited to add the new retail measurement standard to BOMA’s family of measurement standards,” commented BOMA International Chair Ray H. Mackey, Jr., RPA, CPM, CCIM, partner and chief operating officer, Stream Realty Partners, L.P. “The new standard will allow all types of real estate professionals to measure retail spaces easily and accurately.”
The new standard offers three measurement methods:
- Construction gross area. Includes the area defined as exterior gross area, as well as other areas that have a structural floor or are covered by a roof or canopy that are typically enclosed but within the building perimeter.
- Exterior gross area. The total of all the enclosed floor areas of all floors of a building contained within their measure lines.
- Gross leaseable area. The total enclosed floor area designed for the exclusive use of an occupant, including any basements, mezzanines or upper floors.