Focus on Office: A Best-Kept Secret

By Stephen L. Burger, CPM, CRX, CRM

Commercial real estate is a mystery. In one sense, it’s a huge industry, taken in its entirety, from financing and construction to leasing and sales, measuring in the multi-trillions of dollars.

And yet, the majority of this industry is performed as if it is a local business. At EBMC, as I’ve stated before in this space, we strive and succeed, I believe, in fostering personal relationships with our occupants, and they know us. But the industry as a whole suffers from a lack of national identity.

That’s why the bi-annual report from the Building Owners & Managers Association International is relevant. Where America Goes to Work, The Contributions of Office Building Operations to the Economy 2016.

As the report author states: “Hundreds of millions of people populate our offices virtually every day of the week. Those of us employed therein spend most of our waking hours there. Despite these clues, the built environment goes mostly unnoticed--until that is, an elevator breaks down, a cafeteria pipe leaks or the heat needs regulating.”

And yet, as the report reveals, office buildings nationwide (in the 91 local associations of BOMA) generated $89.1 billion in operational expenditures, which accrues to a massive total national GDP contribution of $235 billion!

And remember, that’s operational contributions. It’s doesn’t even take into account the contributions of the tenants working within those buildings. According to BOMA, assuming an 85% occupancy rate, these buildings can accommodate almost 457 million office jobs--138 million more than the 2014 US population.

Whether you are a tenant within these spaces or you work to maintain those spaces, take a moment the next time you walk into an office building to consider the contribution the built environment is making to the national economy.It’s not a stretch to think of that contribution as part of a massive national engine of commerce. For that’s exactly what it is . . . whether we realize it or not.

Steve Burger, CPM, CRX, CRM
SteveBurger@ebmc.com
EUGENE BURGER MANAGEMENT CORPORATION

As president and COO of Eugene Burger Management Co., Steve Burger is directly responsible for the overall quality, depth and consistency of management services provided in all 15 regions in the EBMC coverage map.

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