The Building Owners and Manager’s Association (BOMA) International’s survey that produces the pioneering benchmarking publication, the Experience Exchange Report (EER), launched on February 16 with several revolutionary enhancements. This year, the nearly 90 year old benchmarking tool has transitioned to a completely online format with the help of Kingsley Associates, an industry leader in research and consulting services.
The online format will bring about improvements in how users submit and access data. The submitting process will be streamlined, with several useful updates:
- A step-by-step format to help submitters identify where they are in the survey process “Tooltips,” that define what’s needed on each line;
- Automated filters that check data for typos and incorrect information; and
- Comment fields for submitters to clarify information and data input.
For EER end users, querying data will also be more efficient and user friendly. Users will be able to customize searches to find the market information they need, which will maximize its utility. A new pricing structure will allow users to access and pay for only the data they need. There will also be discounts for submitters, as well as for users accessing data in multiple markets, and for corporations with multiple users.
These key enhancements come at a critical time, as industry professionals recognize that benchmarking property performance is critical to surviving—and thriving—in a recession. The EER provides comprehensive building operating income and expense performance data in more than 65 line items, and in 2008 covered 300 U.S. and Canadian markets. Property and asset managers regularly use the EER to gauge their performance. Investors and appraisers use the data as a barometer for assessing how a property is financially positioned in its and comparable markets.