The annual Office EER aggregates office sector income and expense data from the previous year; data was gathered from more than 5, buildings in nearly markets in the U. Total operating expenses incorporate all expenses incurred to operate office buildings, including utilities, repairs and maintenance, roads and grounds, cleaning, administration and security. Also of note, New York returned to the top of the list after being bumped last year by San Francisco. Office Markets, Operating Expenses Total rental income includes rental income from office, retail, and other space, such as storage areas.
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The Office EER offers more benchmarking information than any other comparable industry source, and the Industrial EER stands as the only existing benchmarking source in its sector. In addition, real estate taxes went up 7. While total operating expenses increased by 0. The chart below compares a number of operating expense line items over the two-year period: Additional highlights from the top-level office sector data include: U.
Square footage per office tenant increased by 0. Base rent increased 2. Total electricity expense went down General administrative office expenses decreased by Total operating expenses increased by 4.
Industrial Facilities EER As in the office sector, specific expenses in the industrial sector also fluctuated by line item. Further changes in operating expenses can be seen in the chart below: Additional top-level industrial sector findings include: U. Square footage per tenant increased 2.
Energy expense decreased Real estate taxes increased by 5. The Industrial EER, now in its third year, remains the only benchmarking resource in the industry specifically tailored to the industrial sector.
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BOMA Publishes 2016 Office Market Data
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