Detecting Missing Revenue

The Challenge

The client acquired a 6.3 million square foot Class A high-rise office portfolio in a major U.S. city. While the buildings had been accurately measured in 2000, no systematic process existed between 2006 and 2013 to maintain correct occupancy calculations. Building management, space planners, and architects each applied inconsistent measurement methodologies, progressively shrinking the documented square footage.

The Solution

Stevenson Systems conducted a comprehensive audit involving detailed measurements and analysis. The firm discovered over 181,000 square feet of rentable space that had been lost through calculation errors over six years, representing $58 million in lost revenue.

The Results

The audit recovered $4.7 million in annual net operating income and added $78 million to overall portfolio value. The client integrated SSI occupant services to establish centralized processes that verify and maintain accurate square footage for each occupant. The leasing team received training in best practices for long-term lease information management.