In the world of real estate, there are various terms and concepts that may be unfamiliar to the average person. One such term is “BOMA,” which stands for Building Owners and Managers Association. BOMA plays a significant role in the real estate industry, particularly in the management and operation of commercial properties. In this article, we will dive deeper into what BOMA is and its importance in the real estate sector.
What is BOMA?
Definition: BOMA, or Building Owners and Managers Association, is an international organization that represents the interests of commercial real estate professionals. It provides resources, education, and advocacy for building owners, property managers, developers, and other professionals involved in the management and operation of commercial properties.
History: BOMA was founded in 1907 and has since grown to become a leading authority in the commercial real estate industry. It started as a local association in the United States and has expanded globally, with chapters in various countries. BOMA International, the umbrella organization, oversees the activities of these chapters and promotes best practices and standards in the industry.
The Role of BOMA in Real Estate
Advocacy: One of the primary roles of BOMA is to advocate for the interests of its members and the commercial real estate industry as a whole. BOMA actively engages with policymakers and government agencies to shape regulations and policies that impact the industry. It represents the collective voice of its members and ensures their concerns are heard and addressed.
Education and Professional Development: BOMA offers a wide range of educational programs, seminars, and certifications to help professionals in the commercial real estate sector enhance their knowledge and skills. These programs cover various aspects of property management, including operations, sustainability, leasing, and finance. By participating in BOMA’s educational initiatives, professionals can stay updated with industry trends and best practices.
Standards and Best Practices: BOMA is known for developing and maintaining industry standards and best practices. One of the most well-known standards is the BOMA Office Measurement Standard, which provides a uniform method for measuring the rentable area of office buildings. This standard ensures consistency and accuracy in determining leaseable space, which is crucial for leasing and valuation purposes.
Networking and Collaboration: BOMA provides ample opportunities for professionals in the commercial real estate industry to network and collaborate. It organizes conferences, events, and meetings where industry experts can connect, share knowledge, and build relationships. This networking aspect of BOMA is invaluable for professionals looking to expand their professional network and stay connected with the latest industry developments.
In summary, BOMA, or Building Owners and Managers Association, is a prominent organization in the commercial real estate industry. It plays a crucial role in advocating for the interests of its members, providing education and professional development opportunities, establishing industry standards, and facilitating networking and collaboration. For professionals involved in the management and operation of commercial properties, BOMA serves as a valuable resource and a platform for growth and success.
– BOMA International: www.boma.org
– BOMA Office Measurement Standard: www.boma.org/standards/office
– BOMA Advocacy: www.boma.org/advocacy