It may but probably not in your case. The BOMA standard includes mezzanine SqFt only when the principals to a purchase or lease agree. From a practical standpoint, the mezzanine you are describing over warehouse area provides more floor square footage but at the expense of stacking height, and is normally omitted from rentable SqFt. I normally see a nominal incremental value if any over comparable warehouses without mezzanines. Most warehouse users prefer the stacking height, but in a manufacturing building and in districts with a lot of conversion to office (i.e. some parts of Doral, Wynwood, etc.) the mezzanine takes on more importance. Finished office area, consistent with or exceeding the market standard, is typically included in rentable area although in my experience brings "down" the overall market value per SqFt since second-floor space is usually not as valuable as ground floor. From an appraisal perspective most do not include unfinished mezzanine in GLA although each assignment must be analyzed on a case-by-case basis, and each comparable must be analyzed for consistency.
Apr 13, 2017