The year the building was delivered to the market as a result of completed construction. Learn more at https://www.naiop.org

A legal document that outlines the obligations of the landlord relative to the improvements necessary to prepare leased premises for a tenant’s occupancy. Items typically found in a work letter include a description of the improvements, the cost thereof, and the portion of the cost to be paid by the landlord, the completion date and … Read more

A facility primarily used for the storage or distribution or both of materials, goods and merchandise. (Typical characteristics are shown in the Industrial Building Types Matrix.) Learn more at https://www.naiop.org

Walk score is a number between 0 and 100 that measures the number of amenities such as retail, businesses, parks, theaters and schools that can be accessed by foot inside a 1-mile radius from a particular address. 90–100 Walker’s Paradise – Daily errands do not require a car 70–89 Very Walkable – Most errands can … Read more

An investment in a real estate asset with existing cash flow (and value) that can be increased by raising occupancy, rents or both. Owners typically carry out one or more of the following to add value to a building: improve or replace building systems, provide new finishes, introduce new amenities, improve access or circulation to … Read more

Inventory that is not currently occupied. If subtenant space is excluded from the calculation, the term “direct vacant space” is recommended. Learn more at https://www.naiop.org

A measurement expressed as a percentage of the total amount of vacant space divided by the total amount of inventory. This measurement is typically applied to a building, a submarket or a market. Learn more at https://www.naiop.org

This relative term is best compared to rentable area. Usable area is the amount of space that can actually be used by tenants within the space they lease. For example, columns inside a tenant space are counted in the measure of rentable area, but the space occupied by the column cannot be used by the … Read more

Urban areas are commonly identified with a city, are typically built on a traditional street grid, have consistent building setbacks, have sidewalks and usually include multiple-story buildings. Learn more at https://www.naiop.org