Occupancy is the percentage of your property’s Gross Floor Area (GFA) that is occupied and operational. For example, if you have a 10 story office building that on average has 9 of its 10 floors fully leased and occupied, the occupancy would be 90%. If you have people working in all floors/areas of your building then you are 100% occupied. You do not need to count empty cubicle spaces – but, you'll need to update your "Number of Workers" when tenants change.
More Details on Occupancy:
- You first enter the occupancy when you create the property, and you can change the Occupancy on the Details tab.
- The value you enter for occupancy will not affect your ENERGY STAR Score or any other metrics. Your property's score is based on the specific use details (number of workers, number of computers, etc). So, when you have changes to occupancy/vacancy, you need to update your Use Details to accurately reflect the activity at your property.
- Your occupancy could affect your eligibility for ENERGY STAR certification. We have the following minimum occupancy requirements:
- Office/Bank/Courthouse/Financial Center must be at least 55%
- Hotel must be at least 60%
- Multifamily must be at least 80%
- Schools must be open at least 8 months out of the year (not technically occupancy though)
- If you are not seeking certification for one of the above property types, you may not find occupancy very useful (though it is required, so enter a good guess and move on). But, you may find it helpful to compare properties with different occupancy levels across your portfolio using custom reports.
- There is only one occupancy rate per property. If you change it, the old value is not saved in Portfolio Manager.
- If your occupancy fluctuates: calculate the average occupancy over a period of time (if you are applying for certification, the occupancy needs to be based on the year in your application). For example, if the property was 50% occupied for the first half of the year, then 100% occupied for the second half of the year, the occupancy level would be 75% for the year.
In the weeds: Because occupancy is entered in 5% increments, you may round up. An Office actually must have an occupancy "greater than 50%" (meaning 51% is ok - but since you can't enter 51%, you should round up to 55%).