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|Major Vertical Penetrations||
A term typically used in measurement standards for buildings that includes stairs, elevator shafts, flues, pipe shafts, and vertical ducts. These vertical penetrations are typically not factored into a tenant's rentable area, or the rentable area of the building.
A charge included in additional rent to cover the landlord cost of administering a building. Typically expressed as a percentage of gross revenue for the building (for example, 4% of the gross revenue), or as a percentage of operating costs (for example, 15% of operating costs). Some management fees are the greater amount of each of those calculations. For instance "The management fee shall be the greater of 4% of the gross revenue of the building and 15% of operating costs."
The rental rate that a property would most probably command on the open market in an arm's length negotiation, as indicated by current rental being paid for comparable space in the immediate area as of the effective date of the analysis. Used in the calculation of a fair rental rate on a renewal term.
A light fixture typically found in industrial buildings, and designed to minimize cost while maximizing light.
A building or complex zoned for more than one use (such as office / retail or work / live).
Status of a tenancy when a landlord and tenant do not agree to a new lease term, but agree for the tenant to remain in the space on a monthly basis. Typically agreed to by a landlord under special circumstances, such as a high degree of uncertainty in a tenant's industry and a lack of other prospect's for a tenant's space. Usually the rent is at the same rate as the last year of the term. Most landlords will not agree to such an arrangement for a long period of time, if at all.
An offer by a Landlord to pay all or part of a Tenant's moving costs; can be a lump cash sum or an allowance stated in dollars per square foot.
|Multiple-use Office Space||
Office space that can be used for a variety of purposes; sometimes referred to as generic office space.