Acquisitions · October 13, 2026

Before You Buy the Building, Verify the Square Footage

By Adam Boskovich | Senior Account Executive, Stevenson Systems

An acquisition team reviews leases, operating expenses, building conditions, and market assumptions. The square footage supporting the deal deserves the same attention.

The practical question is straightforward: can the reported rentable area be reconciled with the building, its measurement documentation, and its leases?

Start with the source

A figure in an offering memorandum is a starting point. Ask where it came from.

Was the building measured using an identified standard and edition? Is there a report explaining the calculations? Do the supporting drawings reflect the property today?

Without that documentation, an acquisition team may be comparing numbers calculated on different bases.

Understand the methodology

BOMA, REBNY, and IPMS provide different approaches to measurement. The applicable methodology should be understood in the context of the property type, market, lease language, and ownership objectives.

A larger number alone does not establish that one approach is more appropriate. The calculation needs a clear, defensible basis.

Reconcile the documents

Review the relationship among the measurement report, floor plans, rent roll, and lease exhibits.

A discrepancy does not automatically mean additional revenue is available. It means the team has a question to resolve. The explanation may involve measurement methodology, outdated drawings, alterations, or contractual treatment.

Resolving those differences before closing gives the team a clearer basis for underwriting and future leasing decisions.

Consider what changed

Buildings evolve during ownership. Tenant expansions, changes to demising lines, renovations, and alterations to shared areas can leave older records behind.

Ask whether those changes were incorporated into the measurement documentation. A report’s date matters, but so does the process used to maintain it.

Carry the information forward

Verification at acquisition should establish a useful baseline for ownership.

Keep the report, drawings, calculations, and subsequent revisions organized so asset managers, property teams, and leasing professionals can understand which figures they are using.

After more than 33 years in commercial real estate, my perspective is simple: measurement deserves a defined place in due diligence. Clear documentation helps teams evaluate the asset with fewer unanswered questions.

Discuss a measurement question ↗

General industry perspective. Asset-specific conclusions require review of the applicable records, agreements, and measurement methodology.