The Institute of Real Estate Management® (IREM), the National Apartment Association (NAA), and Building Owners and Managers Association (BOMA), in partnership with Lobby CRE, a centralized platform for financial and operational data across commercial real estate properties, have released their 2022 Income/Expense IQ (I/E IQ) benchmark data, providing nationwide, real-time property performance benchmarks for multi-family and office real estate. This data comes at an ideal time as operators strive to identify expense and revenue optimization opportunities, even during volatile market conditions.
WASHINGTON, Aug. 8, 2023 /PRNewswire-PRWeb/ -- More than 6,500 submissions were collected from real estate operators across the country through an innovative digital process that makes it easier than ever to submit and collect data. The digitally-upgraded benchmarks provide real-time access and facilitate the identification of actionable insights and opportunities that boost operational efficiency for owners and tenants.
"We're excited to be able to automate data submissions and provide the industry with the most detailed benchmark data set ever. The insights extracted from the data will help property managers, asset managers, and owners optimize operational income and expenses to protect NOI and cashflow — critical to efficient and effective property management," said Anne Hollander, CEO of Lobby CRE.
IREM, NAA, and BOMA have published annual property benchmarks for the past several decades; however, the process historically required manual submission, aggregation, mapping, and analysis to create benchmarks across asset classes. To digitize the process and enhance value to members, IREM partnered with Lobby CRE back in 2021. In 2022, NAA came on board to expand the platform's residential data. This year, BOMA joined the team to expand the data set and bring the resulting benchmarks to a broader base of CRE stakeholders.
"IREM's partnership with Lobby CRE, NAA, and BOMA enhances the effectiveness of our Income/Expense IQ. Today, we provide an improved experience to users, and a clear picture of how their properties are performing," says 2023 IREM President Renee Savage, CPM®, CCIM. "These advancements deliver the exceptional analysis real estate professionals need to make well-informed decisions."
The collaboration with Lobby CRE helps IREM, NAA, and BOMA members with faster speed to insight into how an asset or portfolio is performing based on 2022 asset performance data. Benchmark access is available to all industry stakeholders, with the national summary expected to be released this fall.
"NAA is once again excited to be a part of this innovative collaboration alongside IREM, BOMA, and Lobby CRE," said Bob Pinnegar, NAA President and CEO. "This year's Income/Expense IQ builds upon the success of this ongoing partnership. Our efforts to create financial benchmarks for our members have fostered more comprehensive data, which ultimately allows them to make better-informed decisions about where to invest their time and resources."
Trusted by IREM, NAA, BOMA, and more than 500 industry stakeholder firms, Lobby CRE manages and optimizes cashflow for faster returns to investors and project sponsors. The platform automates, standardizes, and visualizes operational and financial performance across the asset and portfolio, including providing market and sub-market benchmarks in partnership with IREM, NAA, and BOMA. These benchmarks unlock the ability to compare 'apples to apples' within the MSA, drilling into asset classes, unit counts, and square footage ranges.
"Our partnership with IREM, NAA, and Lobby CRE to collect and collate this data and create and release these important benchmarks takes BOMA's 100 years of experience with the prior release of its Experience Exchange Report ("EER") to the next level with an interactive benchmark report and digitizes this summary so that it can be directly used to compare and contrast one's existing operations so that operational efficiencies can be identified and exploited, and inefficiencies can be identified and corrected. We believe this benchmarking study will be the commercial real estate gold standard in the years to come," said Bob Six, BOMA International Chairman.
Why Benchmarks: Understanding property performance in context with the operator's market is critical to operational efficiency and proving the value of operator's efforts and the returns for owners and investors.
Why Income/Expense IQ Benchmark: The I/E IQ Benchmark empowers operators to assess performance side-by-side with real (not survey or statistical) data automatically standardized for a true like-kind analysis.
About Lobby CRE
Lobby CRE transforms commercial real estate asset management with automated operational and financial data intake, intelligent performance analysis and reporting, industry benchmarking, and configurable dashboards — all within one platform. Lobby CRE creates opportunity to 'see around the corner,' quickly capturing critical insights that drive performance across operations management, debt management, and entity management.
About IREM
For 90 years, our members have made us the world's strongest voice for all things real estate management. Almost 20,000 leaders in commercial and residential management call this home for education, support and networking. Our CPM®, ARM®, ACoM®, and AMO® certifications are internationally recognized symbols of ethical leadership and a well-managed property. And our tools deliver decades of on-the-job know-how to help members get even better at what they do. Put simply – IREM and its members are here to elevate the profession. If you know real estate management, come get to know us irem.org.
About NAA
The National Apartment Association (NAA) serves as the leading voice and preeminent resource through advocacy, education, and collaboration on behalf of the rental housing industry. As a federation of 141 state, local, and global affiliates, NAA encompasses over 92,000 members representing more than 11 million apartment homes globally.
About BOMA
Founded in 1907, the Building Owners and Managers Association (BOMA) International is a federation of U.S. local associations and global affiliates. It represents the owners, managers, service providers and other property professionals of all commercial building types, including office, industrial, medical, corporate and mixed-use. BOMA International is the partner individuals in the commercial real estate industry choose to maximize value for their careers, organizations and assets. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge. For more info, visit http://www.boma.org.
Media Contact
Hakan Ozsancak, BOMA International, 2023266352, [email protected]
SOURCE BOMA International
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