Digitize those paper drawings!!

What can a Property Management or a Property Owner gain from digitizing their paper drawings? What's in it for them? They are not getting anything different other than drawings on the computer? Why not just simply scan them as PDF files rather than have them as CAD files? Why do these folks have to pay huge sums of money for such services?

Let me start by answering the last question first. It is not costly at all to digitize paper drawings. There are many methodologies in use out there that can vectorize paper drawings to CAD. Pricing is normally based on the size of paper and the amount of details and not on the square footage of the building.

Just for a few $$ more, you can have a "smart" CAD drawing rather than having a "read only" PDF file. This intelligent CAD file, that contains vast amount of building data, can also be manipulated and used by interior designer and architects during time for changes and renovation designs.

Having digital drawings that is easily accessible from anywhere even on mobile device is the key in this fast paced global real estate industry to beat the competition especially during lease negotiations where prospective tenants who are based elsewhere are looking for more than just a descriptive narration of the property.

Large Rentable Area is not always large office space

Rentable or Leasable Area, in most cases, include the actual office area plus a proportionate share of the common areas. Depending on the measurement standard used, office area may be measured to the outside face of exterior walls.

The proportionate share of common areas, known commonly as Gross up, can average about 15%. In other words, if the office space is 1,000 square feet, the rentable area will be 1,150 sqft.

Two major factors that may influence for a higher gross up depending on the standard of measurement used;

1. Large common areas and or;
2. Major vertical penetrations such as Fire Stairwells and or Plumbing Shaft areas could be included in gross-up;

But on the other hand, the office area may be large with a smaller gross-up. This is what most prospective tenants look for "Larger Office Space and a lower Gross-up".  This mainly happens when;

1. There are less to none common areas and or;
2. Office area is measured to the outside face of exterior walls which can be considerably large if it is an old brick building.

Always have the space re-measured by an independent measuring company even if the Property Management provide you with certified measurements. 

One Stop Shop is not always the answer.

As the client portfolio expands throughout the country or even the continent, it becomes increasingly imperative for the building owners and managers to have accurate digital information on all their properties at their finger tips no matter where they maybe on this planet.

Although some measuring companies offer all of these services such as accurate as-built measurements on site, CAD drawings, 24/7 data storage  and other web services., it is not always that you get the same level of quality work in all the 3 main disciplines (on-site measurements, CAD drawings, 24/7 data storage).

Some measuring companies offer fast accurate on-site measuring services throughout North America, but may not have the 24/7 exceptional data storage services. In this case, engage 2 companies to handle your portfolio. It is about time some of these measuring companies start collaborating their services in order to stretch their clients' dollars and providing the best of what's out there.

PS: If you are looking for an exceptional sound system, you will buy separate Amp and Speakers rather than buying an all-in-one system. Same rule may be applied here.




  

Measure it again

Most often Property Owners and Managers have their buildings professionally measured to BOMA or Landlord Specific Standards and have the measurements certified by an Architect or a Professional Engineer or a Surveyor. These measurements then become part of the lease agreement.

According to BOMA Standards, measurements between different measuring parties can vary up to 2%. An example, for a 100,000 sqft office building, the variance could be up to 2,000 sqft.

If the average office lease rate is $20/sqft, the Property Owners may lose up to $40,000 per month on this building. What is the cost of measuring this building 2 or 3 more times between other independent measuring companies? Each time a building of this size is measured, the cost is about $7,000 - $12,000.

Although on one hand it is great to have all your buildings measured by your one preferred measuring company who will certify and stand behind their measurements, on the other hand you may be losing a huge chunk in unaccounted revenues.

Get your buildings measured by 2 or 3 independent and reputable measuring companies and you may just discover an untapped wealth.