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2014
BOMA WATCH
The mission of the Building Owners & Managers Association of Greater Cleveland is to provide advocacy, professional development, networking and economic savings opportunities for its members.
2014 BOMA Annual Partners
Cornerstone Constellation RWK Services, Inc. Leadership GCA Services Group, Inc. Harry S. Peterson, Inc. Jani-King of Cleveland Janitorial Services Inc. Leff Electric Sustaining Boak & Sons Roofing The Brickman Group LTD Cleveland Thermal
BOMA LEADERSHIP
Executive Committee
Chairman | Bill McCarthy, RPA, FMA, SMA Carlyle Leader LLC Chair Elect | Marianne Compton, RPA Forest City Commercial Management Vice Chair | Byron Bright, MCR Progressive Companies Secretary/Treasurer | Judy Simon, CPM Cushman & Wakefield/Continental Realty Past President | Tom Kroth, CPM, RPA Jacobs Real Estate Services
Board of Directors
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Brian Cappelli, RPA Forest City Commercial Group Rich Estremera, FMA KeyBank Corporate Real Estate Renee Evans, RPA Harbor Group Diana Lis Behringer Harvard Tim Luli, RPA, CPM PlayhouseSquare Real Estate Services Pat Osborne, SMA, RPA Jacobs Real Estate Services Ed Prabucki, SMA, RPA Jones Lange LaSalle Allen Shema, RPA Weston Inc. Nick Sislan, FMA, RPA Q Management Group Laura Soble, FMA, RPA PNC Bank John Tepfenhart 800 Superior LLC Chris White Boak & Sons Roofing
BOMA Staff
440-526-2144
Find us online RWKServices.com
Janice Parham Executive Vice President Vicki Neece Office Administrator Scott Esterly Director of Governmental and Community Affairs
UPCOMING EVENTS
Vertical 2013
Thursday, April 3, 2014 Holiday Inn Cleveland - South (Independence) Trade show: 1:30PM to 5:00PM Lunch with Keynote Speaker:
Register Online!
bomacleveland.org/events
Len Komoroski, CEO Cleveland Cavaliers and Quicken Loans Arena 12:00PM to 1:30PM
Break-out sessions beginning at 2:00PM Closing reception at 5:00PM
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IMPORTANT DATES
Board of Directors Meeting
Wednesday, February 19, The Club at Key Center
CORNERSTONE PARTNER
Constellation is the endorsed energy supplier to BOMA of Greater Cleveland. Start the conversation and call 888.232.5975 or visit Constellation.com/BOMACleveland.
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Committee Connection
Associates Council Chair Chris White (Boak & Sons Roofing) convened the committee this month to continue finalizing plans for BOMA Greater Clevelands inaugural Vertical event. More information on Vertical can be found on page 3. Centennial Task Force Members met in November and February to continue planning BOMA Greater Clevelands 100th Anniversary Celebration that is scheduled for October 11th. More details will be coming soon! Emerging Leaders The group, led by Chair Alan Hazzard (KeyBank Corporate Real Estate Solutions), took a tour of Progressive Companies Campus I in Mayfield Village earlier this month. In December the group heard presentations from Emerging Leaders in the suburban market and had a group discussion about corporate responsibility.
BOMA OHIO
On February 14th, BOMA Ohio convened in Columbus for its first quarter meeting of the Board of Governors. BOMA Greater Cleveland was represented by two of its Governors: Marianne Compton (Forest City Commercial Management), and Scott Esterly (BOMA Greater Cleveland).
THE GOVIES
BOMA Ohio was awarded a GOVIE (Government Affairs Awards of Recognition) from BOMA International during the Winter Business Meeting & National Issues Conference (see picture to the left). The award was for the campaign to defeat 2013s proposed expansion of the states sales tax. Members from Cleveland, Cincinnati and Dayton were on hand to accept the award.
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BOMA INTERNATIONAL
International Property Measurement Standards Coalition (IPMSC) Launches Public Consultation on New International Measurement Standard and Appoints Board of Trustees
The International Property Measurement Standards Coalition (IPMSC), of which the Building Owners and Managers Association (BOMA) International is a member, has launched a public consultation on the new International Property Measurement Standard (IPMS) for office buildings. The three-month consultation, closing on April 4, 2014, is calling for real estate office sector practitioners and stakeholders to contribute their expertise to the new standard. The standard, produced by the IPMSC Standards Setting Committee, is the first of its kind and will provide a common language for measuring offices across international markets, benefiting real estate practitioners including investors, lenders, agents, valuers and occupiers. The IPMS will ensure that property assets are measured in a consistent way, creating a more transparent marketplace, greater public trust, consistency in the reporting of property size, stronger investor confidence and increased market stability. At present, the way property assets such as homes, office buildings or shopping centers are measured varies dramatically from one market to the next. With so many different methods of measurement in use, it makes it difficult for global investors, occupiers and tenants to accurately compare space. Research by global property firm Jones Lang LaSalle suggests that, depending on the method used, a propertys floor area measurement can deviate by as much as 24 percent. Strengthening public accountability of the IPMSC, the coalition can now announce the appointment of a Board of Trustees. Members from each of the coalition organizations are represented on the board, chaired by Ken Creighton (RICS), with Vice Chair Lisa Prats (BOMA
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International) and Secretary General Jean-Yves Pirlot (CLGE). The coalition also confirms a number of new IPMS members joining the coalition. Property Council of New Zealand (PCNZ), Asian Non-Listed Real Estate Vehicles (ANREV), Assoimmobiliare, National Society of Professional Surveyors (NSPS) and Japan Association of Real Estate Agents (JAREA) have committed to the standards program, bringing the IPMSC to 28 organizations.
BOMA INTERNATIONAL
For nearly a century, BOMAs Experience Exchange Report (EER) has been the industrys most trusted benchmarking resource thanks to the thousands of property professionals who share their data each year. As market conditions begin to improve, this years EER will be more valuable than ever. Thats why your participation in the 2014 EER Survey is so important. Sharing your buildings income and expense data via the EER Survey makes the best benchmarking resource for commercial real estate even better. The deadline to share your data is March 31, 2014. Complete the survey today at eer.boma.org
EER14_0004_AD_BOMA_MAG_QuaterBW.indd 1
1/3/14 10:26 AM
SPACE AVAILABLE
Call Scott at the BOMA Center (216-575-0305) or email him at sesterly@bomacleveland.org for details.
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WHATS HAPPENING...
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To wrap-up our coverage of the Winter Business Meeting & National Issues Conference, here are the issues affecting the commercial real estate industry that we spoke with our Congressional delegation about.
errorism Risk Insurance: In the aftermath of 9/11 many owners of commercial properties were informed by their insurance providers that terrorism would be excluded from their policies. Without terrorism insurance it is difficult, and perhaps impossible, to operate or acquire properties or refinance loans. In 2002, Congress passed the Terrorism Risk Insurance Act (TRIA) to provide a federal backstop. It was extended in 2007 and is set to expire at the end of 2014. BOMA International will advocate for the TRIA to be extended until the insurance industry is prepared to accurately underwrite and assume the whole risk. Leasehold Depreciation: Depreciating leasehold improvements at a rate of 1/39th per year until the improvement goes out of service runs counter both to common sense and the reality of the marketplace. BOMA International will continue to advocate for leasehold improvements to be put on a permanent 15-year depreciation schedule. Fire Sprinkler and Roof Tax Incentives: Retrofitting a building for fire sprinklers is an expensive and labor intensive endeavor. With fire safety being as critical as it is to commercial properties, it only makes sense for tax incentives to aide in this process. The incentives will be especially attractive to older buildings that were built before there were any fire sprinkler guidelines or requirements. New roofs protect the integrity of the entire building structure, increase energy efficiency, and add to the economy as a whole by spurring activity within the construction industry. Older, less efficient roofs are a daunting financial project to finance. Tax incentives will help property owners and managers replace dangerous and nonperforming roofs. Both fire sprinklers and roofs are on the unreasonable 39-year depreciation schedule. The five members of Congress that our delegation met with consisted of: U.S. Senator Sherrod Brown, and U.S.
Representatives Marcia Fudge, David Joyce, Marcy Kaptur, and Jim Renacci. You can see pictures from our legislative visits on page 10. The Government Affairs Committee for BOMA International also approved two new policy positions regarding EV (Electric Vehicle) charging stations and e-cigarettes. The new policies support the rights of property owners to decide whether or not to install EV charging stations at their buildings and support the rights of property owners to establish appropriate policies and procedures, subject to prevailing federal, state, and local laws, for e-cigarettes.
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BOMA 360
Landmark Cleveland Building Receives Designation
Cleveland is now home to seven BOMA management; life safety/security/risk 360 buildings. Nationally, nearly 700 management; training and education; buildings carry the elite designation. energy; environment/sustainability; and 200 Public Square (managed by Harbor tenant relations/community involvement. Group Management) joins the Terminal Tower, Skylight Office Tower, Post Office Plaza (all three managed by Forest City Commercial Management), Fifth Third Center (Behringer Harvard), the Howard M. Metzenbaum United States Courthouse (GSA), and KeyTower (Jacobs Earning a BOMA 360 designation offers buildings tangible results measured through higher tenant retention and satisfaction scores, higher rental rates and documented operations and management savings and efficiencies as reported in designee surveys and by
Real Estate Services) as Cleveland area Kingsley Associates and CoStar. buildings with the BOMA 360 designation. Most notably, 94 percent of tenants in The BOMA 360 Performance Program BOMA 360 buildings report high overall evaluates commercial properties in six satisfaction. major areas: building operations and
200 Public Square