July 29, 2005—The US office market is getting leaner and more efficient in response to an evolving and multifaceted economic climate, according to Steven W. Ford, chairman and chief elected officer of the Building Owners and Managers Association (BOMA) International.
Ford, senior managing director, facilities management, Cushman & Wakefield, Inc., delivered his State of the Industry address June 27 at BOMAs annual conference in Anaheim, Calif.
Citing BOMAs soon-to-be-released 2005 Experience Exchange Report, Ford said between 2003 and 2004, building management decreased their total operating expenses by three percent and administrative costs by one percent. The decrease is even more pronounced when you look at corporate facility management fees where administrative costs were reduced from 91 cents in 2003 to 86 cents in 2004 per rentable square foot, or more than five percent.
For a text of the speech, visit the BOMA Web site.
