SOURCE: BOMA International

March 16, 2011 09:58 ET

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New Findings Demonstrate How BOMA 360 Performance Buildings Operate at Highest Standards, Boost Tenant Retention

WASHINGTON, DC--(Marketwire - March 16, 2011) -  According to a recent study conducted by Kingsley Associates, buildings that achieve the BOMA 360 Performance Program® designation have higher tenant satisfaction scores in 47 out of 50 categories relating to tenant relations compared to commercial office buildings without the BOMA 360 designation.

The BOMA 360 Performance Program, developed by the Building Owners and Managers Association (BOMA) International, is a new commercial real estate building designation that recognizes all-around excellence in building management and operations. Since its launch in 2009, BOMA 360 has already conferred more than 200 buildings in major U.S. cities such as Atlanta, Chicago, Dallas, Houston, New York, San Francisco and Washington, D.C.

"In this competitive marketplace, commercial property professionals need to find ways to differentiate their assets, and the findings of this study provide further evidence that BOMA 360 buildings are operated and managed to the highest standards of excellence in the industry," said BOMA International Chair Ray H. Mackey, Jr., RPA, CPM, CCIM, partner and chief operating officer, Stream Realty Partners, L.P.

Kingsley Associates, the real estate industry's leading provider of research and consulting services, surveyed more than 1,700 tenants at 62 BOMA 360 buildings in major markets across the U.S. The tenants surveyed rated their buildings in areas including property management, security, maintenance and green initiatives, among other criteria.

The survey found that, when it comes to tenant satisfaction, BOMA 360 buildings consistently outperformed a comparable set of commercial office buildings that have not achieved the 360 designation. In fact, the BOMA 360 buildings scored significantly higher across various rating areas. Some other key highlights:

  • 91 percent of tenants in BOMA 360 buildings reported "good" or "excellent" overall satisfaction, versus 88 percent of tenants in comparable buildings;
  • 73 percent of tenants in BOMA 360 buildings are satisfied with the value they receive for the amount paid, versus 66 percent of tenants in similar buildings; and
  • 90 percent of tenants in BOMA 360 buildings are happy with office security policies and procedures, versus 84 percent of tenants in other buildings.

 "Our tenant surveys reveal that BOMA 360 buildings rank higher than comparable buildings in their class," said Phil Mobley, a vice president in Kingsley Associates' Atlanta office. "Despite a recovering real estate market, owners and managers of BOMA 360 Performance buildings have been able to deliver significantly better tenant service than their peers."

The BOMA 360 Performance Program evaluates six key areas, including operations and management, security and safety, training and education, energy, environment and sustainability and tenant relations. This comprehensive approach has helped some of the most prominent office buildings in the country showcase their efficient operations overall:

For more information about the successful operations of BOMA 360 buildings, please view the BOMA case studies.

About BOMA International
The Building Owners and Managers Association (BOMA) International is an international federation of more than 100 local associations and affiliated organizations. Founded in 1907, its 16,500-plus members own or manage more than nine billion square feet of commercial properties. BOMA International's mission is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. On the Web at www.boma.org.

About Kingsley Associates
The most successful firms in real estate rely on Kingsley Associates for cutting-edge business intelligence solutions. With a depth and breadth of insight unmatched in the industry, we bring thought leadership and passionate client service to every engagement. Kingsley Associates is a leader in real estate research initiatives such as tenant and resident satisfaction surveys, client perception studies, strategic consulting and operations performance benchmarking. For more information, contact Kingsley Associates at 770/908-1220 or visit www.kingsleyassociates.com.