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Warehouse / Distribution CAM Reconciliation Guide for Landlords

Typical CAM pools, billing errors, gross-up mechanics, and BOMA standards for warehouse / distribution properties.

Benchmark CAM per SF

$1.50 – $4.00 / SF

Source: NAIOP / IREM 2024

Gross-Up Applicability

Low — most warehouse/distribution buildings are single-tenant or have very few tenants. In multi-tenant configurations, gross-up may apply to shared truck court and parking maintenance.

Typical CAM Pools

  • Parking/truck court maintenance
  • Landscaping (minimal)
  • Security (fencing, cameras)
  • Insurance
  • Property taxes
  • Stormwater management
  • Fire suppression system maintenance
  • Management fees

Standard Exclusions

  • Tenant-specific dock equipment
  • Capital improvements
  • Leasing commissions
  • Tenant racking systems

Common Lease Structures

NNN (dominant)Absolute NNN for single-tenant

Common Billing Errors

  • Charging single-tenant buildings for common area management fees
  • Including truck court damage caused by one tenant in the shared CAM pool
  • Misclassifying HVAC office-area costs in a largely un-air-conditioned warehouse

Relevant BOMA Standards

  • ANSI/BOMA Z65.2-2012 (Industrial Buildings)
  • Warehouse measurement including mezzanines

Warehouse / Distribution CAM Context

Warehouse and distribution CAM is typically straightforward due to NNN lease structures and minimal common areas. Disputes most often arise around property tax pass-throughs after reassessment and insurance allocation.

Industry Benchmarks

Avg Occupancy (2025)
96.2%
Public REIT average
Median OpEx/SF
$1.54
Annual operating expenses
Typical Recovery Ratio
95-100%
Nearly all industrial leases are absolute NNN; tenants pay v...

Source: Public REIT 10-K filings (FY 2025), BOMA EER (2025 edition). Data compiled March 2026.

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Related Resources

Expenses/Administrative OverheadBoma/Boma 2024 Adoption RoadmapCam Reconciliation ErrorsCam Gross Up CalculatorPro Rata Calculator

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