Office SF Question
Stupid question but it's coming from someone without office experience... I see a lot of OM's / BOV's with different treatments of office SF. I am always a little bit confused why people lump the amenity space into the RBA and dilute the revenue PSF and occupancy. Wouldn't it make more sense to breakout the non-income producing amenity space from what is actually leasable? Typically it's just thrown into the occupied SF total in a RR.
Never seen it done like that. Usually you'd calculate your RSF from your USF and divide occupied RSF by total RSF for occupancy, and rent/ RSF for lease rate. Maybe they're showing total USF or gross areas, but not calculating anything off it?
Even looking at the top NYC office brokerage groups (think Spies/Stacom/etc.) I see the amenity space being lumped into the leased SF and never see the usable SF broken out from rentable. Again, not really in the office space but I am working an office deal right now and it seems odd.
Sometimes the amenity space is income producing so I've seen it be included
Right - that is a different story. Easily explainable in that instance.
It all depends on whether the amenity space is included in the BOMA RSF. If it is, that RSF will be put out to the market because that measurement is the most up to date information they have.
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