Discovering Hidden Value

The Challenge

The client operated a portfolio of 60+ Class A office buildings that had not been measured since before the 2010 BOMA standard update. The buildings were being valued and managed using measurement criteria that no longer reflected industry best practices or accurate space calculations.

The Solution

Stevenson Systems performed laser-measured field verification on each building, focusing on properties where remeasurement would increase leasable space by 800+ square feet within three years.

Beyond the remeasurement, Stevenson Systems conducted a comparative study analyzing the client properties against similar buildings in their respective submarkets. This analysis identified favorable amenity and service factors that were instrumental in converting the discovered space into measurable economic value.

The Results

240,000 additional square feet discovered across the portfolio, equivalent to a newly constructed office building. The remeasurement generated a $5.2 million net annual operating profit increase and added $87 million in portfolio value at a 6% cap rate. The client achieved 100%+ return on investment within one year.