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
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
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