BOMA (Building Owners and Managers Association)

Definition

BOMA, or the Building Owners and Managers Association, is an international professional organization formed to serve the needs of building owners, managers, developers, leasing professionals, and other commercial real estate service providers. The association provides its members with various services, including advocacy for fair regulation of commercial properties, professional development programs, and standardized measurement methods for buildings. BOMA primarily aims to advance the interests of the commercial real estate industry and improve the operational efficiency and profitability of its members’ properties.

Examples

BOMA Standard Methods of Measurement: BOMA publishes standards for measuring different types of buildings, such as office buildings, retail spaces, and industrial properties. These standards help ensure consistency and accuracy in space measurement.
Advocacy Efforts: BOMA actively lobbies local, state, and federal governments on issues that impact property taxes, energy efficiency mandates, and building codes to create a favorable environment for property owners and managers.
BOMA International Conference & Expo: An annual event that brings together thousands of commercial real estate professionals from around the world to discuss industry trends, learn from experts, and network.

Frequently Asked Questions (FAQs)

What does BOMA stand for?

BOMA stands for the Building Owners and Managers Association.

Who can join BOMA?

Membership is open to commercial real estate property owners, managers, developers, leasing agents, and other professionals who provide related services and products to the industry.

What are the benefits of joining BOMA?

Members gain access to educational resources, industry standards, networking opportunities, and political advocacy to improve the commercial real estate sector.

How does BOMA develop its standards?

Standards are developed by committees comprising industry professionals, based on best practices and years of data within the commercial real estate sector.

Where is BOMA International headquartered?

BOMA International is headquartered in Washington, D.C., USA.

Commercial Real Estate: Properties used primarily for business purposes rather than residential living.
Property Management: The operations, control, and oversight of real estate properties.
Net Operating Income (NOI): A calculation used to analyze real estate investments that generate income.
Building Operating Plan: Outlines the standard procedures and protocols for operating a property efficiently.

Online Resources

BOMA International: The official website for accessing BOMA resources, memberships, and events.
BOMA Measurement Standards: Official documentation and guidelines for building measurements.
BOMA Conferences and Meetings: Information on upcoming conferences and educational events hosted by BOMA.

References

BOMA International (2023). BOMA Information
BOMA Standards Committee. BOMA Standards for Office Buildings, 2017 Edition.

Suggested Books for Further Studies

“The BOMA Handbook” by Building Owners and Managers Association
“Commercial Property Management” by Charles J. Gault
“The Essentials of Real Estate Law” by Joshua Stein

Real Estate Basics: BOMA Fundamentals Quiz

### What is BOMA? - [ ] A real estate investment fund - [x] Building Owners and Managers Association - [ ] A certification for building safety - [ ] A real estate measurement tool > **Explanation:** BOMA stands for the Building Owners and Managers Association, which provides advocacy, standards, and educational programs for the commercial real estate industry. ### Is BOMA only focused on residential real estate? - [ ] Yes, only residential - [x] No, primarily commercial real estate - [ ] Yes, both residential and commercial - [ ] No, only industrial real estate > **Explanation:** BOMA primarily focuses on commercial real estate, including office buildings, retail spaces, and industrial properties. ### Who benefits from BOMA membership? - [x] Owners, managers, and service providers for commercial properties - [ ] Only property owners - [ ] Only real estate investors - [ ] Renters and tenants > **Explanation:** BOMA membership benefits owners, managers, developers, leasing professionals, and service providers who are engaged in commercial real estate. ### What does BOMA’s advocacy work include? - [ ] Limiting property taxes - [x] Influencing building codes and energy efficiency mandates - [ ] Only residential tenant rights - [ ] Mortgage rate reductions > **Explanation:** BOMA’s advocacy efforts include lobbying for regulation that impacts property taxes, building codes, and energy efficiency standards. ### What annual event is hosted by BOMA? - [ ] Commercial Real Estate Forum - [x] BOMA International Conference & Expo - [ ] Property Management Summit - [ ] Real Estate Developers Seminar > **Explanation:** The BOMA International Conference & Expo is an annual event that gathers commercial real estate professionals to discuss trends, learn from experts, and network. ### What kind of standards does BOMA publish? - [ ] Residential building standards - [ ] Construction material standards - [x] Measurement standards for commercial buildings - [ ] Interior design standards > **Explanation:** BOMA publishes measurement standards for different types of commercial buildings, ensuring accuracy and consistency in space quantification. ### Where is BOMA International headquartered? - [ ] New York, NY - [x] Washington, D.C. - [ ] Los Angeles, CA - [ ] Chicago, IL > **Explanation:** BOMA International is headquartered in Washington, D.C. ### Who develops BOMA standards? - [ ] Government agencies - [ ] Independent researchers - [x] Industry professionals through committees - [ ] Academic institutions > **Explanation:** BOMA standards are developed by committees comprising industry professionals, ensuring they are based on best practices and robust data. ### What is a primary aim of BOMA? - [ ] To offer property tax discounts - [ ] To boost residential real estate values - [ ] To certify real estate agents - [x] To advance the interests of the commercial real estate industry > **Explanation:** BOMA primarily aims to advance the interests of the commercial real estate industry and improve operational efficiency and profitability for its members. ### What can members gain from BOMA? - [x] Educational resources and networking opportunities - [ ] Residential property listings - [ ] Décor consultation - [ ] Direct investment advice > **Explanation:** Members of BOMA can benefit from educational resources, networking opportunities, industry standards, and political advocacy, enhancing their professional effectiveness and business success.