According to new analysis by Kingsley Associates, buildings that have earned the BOMA 360 Performance Program designation have higher tenant satisfaction scores in all rating areas as compared to commercial office buildings without the BOMA 360 designation. Most notably, 94 percent of tenants in BOMA 360 buildings report high overall satisfaction.
BOMA 360 is a commercial real estate designation developed by the Building Owners and Managers Association International that recognizes all-around excellence in building operations and management. The program benchmarks building performance in six key areas: operations and management; security and safety; training and education; energy; environment and sustainability; and tenant relations. Since the program’s inception in 2009, nearly 650 commercial properties have achieved the BOMA 360 label.
“In an increasingly competitive marketplace, the BOMA 360 designation is a valuable way to differentiate your building by demonstrating its excellence in the core areas of property management and operations,” said BOMA International Chair Rich Greninger, managing director with Carr Properties. “These findings clearly show that earning a BOMA 360 designation provides building owners and managers with an unmistakable return on investment that includes increased tenant retention and satisfaction scores.”
Kingsley Associates, the global leader in tenant satisfaction studies, measured tenant satisfaction in a total of 54 quantitative rating areas including property management, leasing, maintenance, security and property features. BOMA 360 buildings outperformed commercial office buildings without the designation in all 54 categories. In 2012, when Kingsley last performed the analysis, BOMA 360 buildings outperformed in 52 of the 54 categories. Other key highlights include:
*95 percent of tenants in BOMA 360 buildings expressed high overall satisfaction with property management, and well over 90 percent of BOMA 360 tenants gave the highest marks to property management teams for accessibility, accommodation of special requests, communication, problem resolution, professionalism and responsiveness.
*91 percent of BOMA 360 tenants would recommend their office building to others, while only 87 percent of tenants in other buildings would do so.
*77 percent of tenants in BOMA 360 buildings noted that they are satisfied with the value they receive for the rent they pay, as compared to 72 percent of tenants in other buildings.
*BOMA 360 buildings performed especially well in the area of security. 90 percent of BOMA 360 tenants expressed a high overall sense of security in their buildings, and 91 percent of BOMA 360 tenants rated building security policies and procedures as “good” or “excellent.” 83 percent of tenants in BOMA 360 buildings also felt secure in building parking facilities, while only 78 percent of tenants surveyed in other buildings indicated the same.
*84 percent of tenants in BOMA 360 buildings rated building amenities as “good” or “excellent;” only 79 percent of tenants in non-BOMA 360 buildings said the same.
These findings are based on an analysis of more than 3,500 tenants in nearly 250 BOMA 360 buildings compared to the Kingsley Index, the largest and most comprehensive performance benchmarking database for tenant satisfaction.