The Value of BOMA 360 Performance Program

Apr 29, 2018

Written by: Tom Klaers, Clean Response

This article was written in March 2018 for the 2018 Quarter Two Newsletter.

The BOMA 360 Performance Program recognizes buildings that demonstrate best practices in all major aspects of building management and operations. While other programs and designations focus on specific areas such as sustainability or energy usage, BOMA 360 evaluates the entire efficiency of a building. The BOMA 360 Performance Program identifies where a building is strong and where it needs improvement. The program insures standards, maximizes operational performance and provides a map to excellence for management teams to follow. 

To earn the BOMA 360 designation, a building must meet prerequisite standards for operating procedures, building maintenance, energy benchmarking and annual seasonal energy efficiency ratios. Then, a building must meet the BOMA 360 qualifications in six specific areas: 
  • Building operations and management
  • Security
  • Life safety and risk management
  • Education and training
  • Energy and environmental sustainability
  • Tenant and community relations
A building must meet the requirements in all six areas to earn the BOMA 360 designation.
 
Studies have shown the BOMA 360 buildings are rated higher by tenants, earn higher rents and have lower vacancies and better tenant retention. There are approximately 28 buildings (at 20 different properties) in Hennepin County that have the BOMA 360 designation and I asked some people who manage BOMA 360 properties for their feedback on the program and the benefits of the designation. One manager suggested that Energy Star and LEED Certifications are necessary, however now they may have become more of a tenant expectation and a "box you check" while BOMA 360 is a true differentiator. 
 
Another property manager who went through the process said, "it took me a total of about half a day to do the research, complete input and upload the data to get the BOMA 360 designation and now a couple hours annually to maintain the designation." A suburban property manager suggested they gathered and organized all the information in one week, then it took about half a day to input and upload the information and about a week to be approved by BOMA International. This manager also stated the following information: 
  • The amount of necessary information was surprising
  • the hardest part of the process was gathering and organizing the required information, through it wasn't hard to find it 
  • The process required they get a letter from some of their tenants, which intrigued them - which made them feel good to be part of the process and part of the building's community
  • It was a learning experience for their team and building.
  • For anyone considering pursuing the BOMA 360 designation, it is a worthwhile endeavor
There are over 65 top property management companies that have 360 certified buildings, with some of the biggest companies having the most certifications. There are over 40 designees in over 100 global markets and Minneapolis ranks in about the middle of the U.S. markets for the number of buildings with 360 certifications. There definitely seems to be benefits, a financial advantage and potentially a competitive edge for a property to have the BOMA 360 designation. Plenty of information on the program and process is available on the BOMA International website


Category: Industry Insights


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