Square Footage Calculations: Process

Square Footage Calculations or Space Accounting as we like to call it, is the process of accounting for space in any building. Every space type is identified, measured, and categorized based on the methodology (BOMA for example) being used to derive the buildings overall square footage. The purpose for conducting a computer-based Space Accounting program is to establish a permanent database of floor plans, lease information and square footage calculations for a property.

PACE provides these Space Accounting services to provide building owners, asset managers, property managers and leasing professionals with the data needed to lease manage the building.

Scenarios include:

a)    Buildings under design: we work as a part of the team with the architect and developer to insure that the design allows for the efficient use of space and the greatest possible rentable square footage.

b)    Newly constructed buildings: by establishing the proper square footage calculations in advance of leasing, we can insure greatest possible rentable square footage and create a historical database throughout the leasing process.
c)    Acquisitions:  Our clients know in advance of closing, the exact square footage they are purchasing, based on their preferred measurement methodology and market conditions.
d)    Existing buildings: Can be measured to reflect new standards and other changes to market conditions and changes in tenancy.

The Space Accounting process begins with a review of all available building data and floor plans. This interactive process includes discussion and recommendations for the formula to be used for measurement (BOMA, Real Estate Board of New York, etc.) as well as the nuances of each building’s specific architecture.

Once completed, the only changes to the system will be updates of the floor plans to reflect architectural changes and updates to the lease information to reflect changes in tenancy. The square footage database is updated to reflect these changes.

The Pace Compumetrics Space Accounting System has a unique, fully integrated database through which all floor plans, area calculation data and tenant information is linked and is available via secure web access to each of our clients.

Based on our clients’ requirements, PACE will provide various levels of deliverables from basic Building Acquisition Reports to fully detailed CAD plans and Space Accounting Reports.