Amenities are features that make a building more attractive and possibly more valuable. In an office space, these can include basic or additional features that support the comfort of tenants.
COMMON AREAS (CAM)
In an office space, commercial areas are accessible to all tenants. Common area maintenance (CAM) is a cost paid for by all lessees for their use of the common space.
CLASS A BUILDING
A Class A building is considered to be the highest quality building, a standard met with requirements related to age, age of component parts, location, quality of parts and amenities, and more.
CLASS B BUILDING
A Class B building is rated below a Class A building and is typically considered mid-range quality. A building is classified this way because of its age, location, quality of parts and amenities, and more.
Flexspace, or flex space, is a term in commercial real estate that can be built to spec or even retrofitted to meet many use cases.
HVAC stands for heating, ventilation, and air conditioning and is the system used to move cooled and heated air through a building.
A landlord is an individual who rents a building, apartment, or land to a tenant or group of tenants.
The lessee is an individual who signs a lease for a property with a landlord. Lessees may also be referred to as tenants.
A leasing agent is a real estate professional who liaises between the owner of a property or a management company and prospective lessees or tenants.
A lease term is the length of time a lease contract is in place. These may fall into one of three forms: fixed, periodic, or indefinite.
A load factor is an electrical measurement of the efficiency of a building’s electricity usage.
MANAGED OFFICE SPACE
Managed office spaces are open, empty spaces that can be customized to the needs/preferences of lessees.
Office hoteling lets lessees use a dynamic schedule of reservations to use work spaces as needed.
RENTABLE SQUARE FEET
The rentable square feet in a building is a calculation of the usable square feet plus common or shared space, such as hallways, lobbies, restrooms, etc.
USABLE SQUARE FEET
Usable square feet is a measurement of the exterior walls and constitutes how many square feet of space a tenant can use and occupy.
TURNKEY OR MOVE-IN READY
A building or property is referred to as turnkey of “move-in ready” if no material improvements or changes have to be made for it to be occupied.
TENANT IMPROVEMENT ALLOWANCE
Tenant improvement allowance is a landlord-provided fund that can be used to make improvements on a leased space.
A Triple net lease (NNN) is an agreement in which the tenant pays all expenses on the property, including things like maintenance, building insurance, and real estate taxes. These are paid in addition to the cost of utilities and rent.
A submarket is a distinct, smaller part of a larger market