BOMA International’s Office and Industrial Benchmarking Reports Released
September 18, 2018
FOR IMMEDIATE RELEASE
(WASHINGTON, D.C. –September 18, 2018) The Building Owners and Managers Association (BOMA) International, in collaboration with research firm Kingsley Associates, recently released the results of the 2018 Office Experience Exchange Report (Office EER) and the 2018 Industrial Experience Exchange Report (Industrial EER). The data from these reports will offers critical insight into income and expenses within the commercial real estate industry.
Now in its 98th year, the Office EER is the industry’s largest and most comprehensive benchmarking resource, with a database that has three times more office building data than comparable sources and the most medical office building data. The 2018 Office EER provides insights into the performance of the commercial real estate sector with thousands of buildings across hundreds of markets in the United States.
The Industrial EER, is the only benchmarking resource in the commercial real estate industry specifically tailored to the industrial sector. The 2018 Industrial EER offers insights into the performance of the industrial real estate sector with data from thousands of industrial properties throughout the U.S. .
Top-level office sector data from both the 2018 Office EER and the 2018 Industrial EER, can be found below. Private sector office income and expense figures are based on rentable area. Private sector industrial income and expense figures are based on total gross building area.
Private Sector Office Building Occupancy Figures.
- Average occupancy rate: 87.61 percent
- Square feet per office tenant: 9,112
- Square feet per office worker: 288
Private Sector Office Building Income Figures
- Total rental income: $30.35 per square foot (psf)
- Base office rent: $24.27 psf
- Pass-throughs: $4.81
- Escalations: $5.97
- Gross parking income: $1.94 psf
Private Sector Office Building Expense Figures
- Cleaning: $1.68 psf
- Utility: $2.14 psf
- Fixed: $5.57 psf
- Parking: $0.58 psf
- Roads/grounds: $0.24 psf
- Repair/maintenance: $2.15 psf
- Real estate taxes: $5.32 psf
Private Sector Industrial Building Occupancy Figures
- Average occupancy rate: 97.84 percent
- Square feet per tenant: 71,330
- Square feet per tenant employee: 469
Private Sector Industrial Building Income Figures
- Total rental income: $5.36 psf
- Base rent: $4.81 psf
- Additional rent: $1.44 psf
- Miscellaneous income: $0.05 psf
Private Sector Industrial Building Expense Figures
- Total operating expenses: $1.54 psf
- Energy: $0.06 psf
- Exterior building maintenance: $0.03 psf
- Grounds and landscape and exterior: $0.02 psf
- Management fees: $0.17 psf
- Water and sewer: $0.08 psf
- Real estate taxes: $0.97 psf
Both the Office EER and Industrial EER consist entirely of voluntarily reported data from commercial property owners and managers. The Office EER and Industrial EER allow users to generate customized reports online using a host of search filters, including building size, type, class, location market, submarket (and more). Reports are easily downloadable as both Excel and PDF documents, and a subscription grants unlimited access; there’s no limit to the number of reports users can generate. For more information and to subscribe to the 2018 Office EER and Industrial EER, visit eer.boma.org.
About BOMA International
The Building Owners and Managers Association (BOMA) International is a federation of 88 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.
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