Need help with BOMA Adjustments
I keep getting ARGUS files with a tenant line labeled "BOMA Adjustment". I know what a BOMA is and how to use one but don't understand the point of adding a tenant line for a BOMA adjustment. On one of the files the guy had the adjustment starting rent in month 140 so now I'm really confused lol. Any input would be greatly appreciated
Is there a long-term lease, currently?
It’s a shopping center and longest lease is 10 years
Similar to what the other fellow said.
I suspect the asset got re-measured which came out at a higher SF. Obviously, you can’t go to your current tenant(s) and ask them to pay more, but upon rollover - you’ll have a new & higher NRA you can try to re-lease.
Maybe they remeasured and want to capture the additional SF for the purpose of an accurate PSF value on exit. Obviously you can't grow the actual Suites that have leases in place so this could be a work around to get a correct total SF.
What is a BOMA? not familiar with this term
It stands for Building Owners and Managers Association. They're the group that sets the standards everyone uses to calculate RSF vs USF.
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