- Ignacio V
- Newmark Knight Frank
- July 5, 2019
I would like to know the technical reason why the BOMA standard does not consider parking spaces as rentable area, since this topic is a regular discussion that I have very often especially with landlords.
This help desk is a free resource intended for discussion purposes only. Neither BOMA, its chapters, affiliates, or Extreme Measures Inc.® are responsible for the information, comments or opinions expressed herein. For complete information, refer to the official publications of the standards themselves.
I would like to know the technical reason why the BOMA standard does not consider parking spaces as rentable area, since this topic is a regular discussion that I have very often especially with landlords.
Ignacio,
Several BOMA Standards do in fact consider and calculate structured parking areas; however you are correct that parking is never factored into a building's Rentable Area. For clarity, pad parking or outdoor parking is never included as BOMA is concerned with constructed buildings and not outdoor spaces, generally speaking. For most buildings, parking has it's own funding model (hourly, daily, monthly etc). Factoring it into Rentable Area would amount to "double dipping" - it would not be appropriate, for example, to charge a monthly rate per parking space AND to also charge a psf rate for the same space as a part of Rentable Area. In this sense, BOMA Standards are just following what the marketplace is doing.
BOMA has a long history of developing measuring standards and decision making comes from a multi-disciplinary Floor Measurement Standards Committee. The committee forwards suggestions, debates, and ratifies decisions on what spaces are in or out. Also, before Standards are published, they go through a rigorous ANSI approval process, which exposes these documents to industry scrutiny before they go live.
Hope this explains things a bit.