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 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 conferred more than 200 buildings in major U.S. cities.
“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, a provider of research and consulting services for the real estate industry, surveyed more than 1,700 tenants at 62 BOMA 360 buildings in major markets across the country. Survey participants 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% of tenants in BOMA 360 buildings reported “good” or “excellent” overall satisfaction, versus 88% of tenants in comparable buildings;
- 73% of tenants in BOMA 360 buildings are satisfied with the value they receive for the amount paid, versus 66% of tenants in similar buildings; and
- 90% of tenants in BOMA 360 buildings are happy with office security policies and procedures, versus 84% 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.”