When was the last time you recalculated and remeasured your portfolio?
If it was years ago, you likely didn’t measure your portfolio with the latest measurement standards. This means you’re not maximizing your RSF – costing you revenue.
But, remeasuring and recalculating can be time-consuming. And, learning the newest measurement standards can be tedious and frustrating. So, it might not seem worth it to remeasure and recalculate your portfolio.
However, remeasuring and finding additional RSF is one of the best ways to increase revenue. And, with the right process, recalculating doesn’t have to be tedious, time-consuming, or frustrating.
Want to know how to recalculate and remeasure your portfolio in 3 easy steps? Here’s how.
Step 1: Use the Latest Standard
The first step to recalculate and remeasure your portfolio is to measure with the latest measurement standard.
Using new measurement standards can help you increase your RSF. But, many buildings use outdated standards.
One older standard is BOMA 1996, which doesn’t allow for the same load factor throughout your building. This means your RSF is constantly changing – making it hard to maximize revenue.
Another outdated standard is BOMA 2010, which has two measurement options (A and B). Measurement method A aims to distribute common areas more fairly to increase RSF. And, method B has a single load factor and a capped load factor – which can also increase RSF.
The newest BOMA measurement method is BOMA 2017. This method includes building features – like vertical penetrations (stairs, elevators, and more) and exterior amenities – in RSF that weren’t counted in older methods. Using the newest BOMA measurement method has the potential to significantly increase your RSF and revenue.
REBNY is another updated measurement method for buildings in New York and a few other markets. Because REBNY is an aggressive measurement method, your RSF will usually exceed gross area – which helps you earn more.
By using the newest measurement standard, you can significantly increase your RSF and building revenue – which is the first step to remeasuring your portfolio.
Step 2: Rely on Expert Guidance
The second step to recalculate your portfolio is to use expert guidance to ensure your portfolio is measured and calculated correctly.
While it’s important to use the newest measurement standards, it can be difficult to know the ins and outs of the standards. And, how to measure your buildings according to those standards.
But, if you don’t measure and calculate correctly, you won’t see the benefits associated with recalculating your portfolio. So, after remeasuring, you could see no increase in RSF – meaning resources were wasted for no results.
To measure and calculate correctly, you could hire an architecture firm. However, they focus on building new structures – not measuring existing ones. So, it will likely take weeks or months for them to remeasure your building. And, architects can be expensive – offsetting whatever revenue gains you see from increasing RSF.
An easier way to recalculate your portfolio is to use space management software with expert guidance. This software has experts to walk you through the remeasurement process. And, ensure your building is measured according to the newest standards.
Plus, space management software experts are available when you are. So, you don’t have to wait weeks or months to remeasure. Instead, you can recalculate your portfolio whenever is convenient for you. And, space management software can be much less expensive than hiring an architect – saving you money.
To maximize your RSF, you need expert guidance to help you remeasure and recalculate your portfolio.
Step 3: Manage Your Data Seamlessly
The last step to recalculate your portfolio is to seamlessly manage and put to use your remeasurement data.
After recalculating your buildings, you need to have somewhere to store the updated RSF calculations. And, you need to be able to see RSF across your portfolio and spot trends to find RSF increasing opportunities.
However, it’s easy to lose paper files stored in filing cabinets, desk drawers, and more. And, it can be hard to get computer files to the right person. Plus, if your computer dies, your RSF calculations will be gone. And, spotting trends from so much data can be time-consuming.
Instead, you could use space management software to store your RSF data in the cloud – which is accessible anywhere by anyone on your team. So, if your team needs to know RSF for prospect or tenant needs, it’s easy for them to access the updated measurements.
And, space management software has a dashboard overview of your entire portfolio. So, you can see how space is being used, opportunities for RSF and revenue growth, and more. This helps you maximize revenue opportunities generated by recalculating your space.
The last step to successfully recalculate and remeasure your portfolio is to seamlessly manage your RSF data.
Wrapping It Up
Remeasuring your building is a great way to uncover hidden RSF and increase your rental revenue. But, recalculating your entire portfolio can be time-consuming, tedious, and frustrating. However, with the right process, it doesn’t have to be.
The first step to remeasure your building is to use the latest measurement standards. Then, you need expert guidance to conduct the recalculation. Finally, you need to seamlessly manage your data and put it to work for your portfolio.
Space management software can make the entire measurement process easy with expert guidance, cloud-based data storage, a dashboard overview, and more.
Looking for space management software to recalculate and remeasure your portfolio to increase RSF? Consider using Prism. With Prism’s space management module, you can use the latest measurement standards, have expert guidance, store your data on the cloud, have a dashboard overview, and more.
Want to learn more about space management software can make your team more efficient? Download our eBook “3 Ways to Boost Efficiency while Remote with Space Management Software.”
