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A tenant's allocation of parking stalls per square foot of rentable area. Typically expressed in number of spots per 1,000 square feet leased. A typical suburban allocation for a new building is 4 or 5 spots per 1,000 square feet leased. Older suburban office buildings will be closer to 3 spots per 1,000 square feet. Industrial buildings are typically 1 spot per 1,000 square feet. Many downtown office and retail buildings have no parking allocation.
The divisions or walls between individual offices, separate office suites, tenant areas and public corridors.
Default, failing, imperfection or weakness that is readily observable to the untrained eye.
Found primarily in the retail sector, a lease under which the tenant pays a fixed minimum monthly rent plus a percentage of gross monthly income. This allows the tenant to have a lower fixed monthly rent to reduce exposure and allows the landlord to participate in the upside if the location is a success.
Popular for suburban office buildings and retail plazas, an outdoor sign displaying multiple tenant names, usually at or near the entrance to the parking lot. Space availability on the podium is typically determined by square footage leased for office users and brand prominence for retailers.
A condition in which all space being leased in the market exceeds all space that is coming back to the market during a time period. For example, if lease expansions in a downtown district is 500,000 square feet in a quarter and 300,000 square feet of tenants gave back space to the market, the positive absorption is 200,000 square feet. There is 200,000 square feet of net space that is taken off of the market and this is positive absorption.
A hollow metal cylinder designed to act as a conduit to supply data and electrical cables to cubicles. The pole extends from a workstation up to the ceiling and is an inexpensive solution compared to core drilling which can allow for electrical outlets to be part of the floor underneath workstations.
Exterior building walls that are fabricated offsite and inserted at the construction site. The common way to build most industrial and some retail buildings.
Space that has been leased prior to construction.
The physical space leased and occupied by a tenant and described by a site plan or similar schedule attached to the lease document.
|Pro Rata Share||
The ratio between a Tenant's occupancy of rentable square footage in a building to the entire building's rentable area. For example, a Tenant that occupies 10,000 rentable square feet in a 100,000 square foot building would have a pro rata share of 10.00%.
A list created by an architect or construction manager with unsatisfactory or defective construction items. Typically created once the construction is substantially complete.