The common area plus vertical penetrations in an office building measured in square feet. Core area is typically expressed as a percentage of net rentable area. This factor, which ranges from 5 to 20 percent for typical office buildings, can be computed for an entire building or a single floor of a building. Learn more … Read more
A building that is changed from one use to another (i.e., an office building that is converted to a multifamily building). Space being converted is removed from current inventory and included in the under construction category for the planned future use (i.e., an office building being converted to an apartment building will be removed from … Read more
The rental rates stipulated in an executed lease agreement. Typically, the contract rate is based on the first year rate as opposed to the average rate over the term of the lease. (Synonym: base rate) Learn more at https://www.naiop.org
Multiple suites or spaces on either the same floor or the adjoining floor(s) in the same building. Learn more at https://www.naiop.org
The total number of buildings that broke ground (commenced construction) over a given period. The starts are typically measured in number of buildings and square feet. Learn more at https://www.naiop.org
To secure a tenant when vacancy is high in a market or submarket, a landlord may need to grant concessions in the lease. Those concessions most often take the form of free rent but may also include lease buyouts, moving allowances and above-market tenant improvement allowances. Learn more at https://www.naiop.org
A building that has completed construction (i.e. obtained its certificate of occupancy). With a COO, the property will be considered delivered whether or not tenants have occupied the space. (Synonyms: completion; new supply) Learn more at https://www.naiop.org
A subset of total inventory that enables one to isolate and compare buildings on the basis of similar characteristics rather than simply by location. For example, a broker preparing to show available space to a tenant may identify five properties to be toured on the basis of location, square footage available, class, asking rent, parking … Read more
Single-tenant and multi-tenant buildings typically consist of 10,000 square feet or more that are owned by one party and are made available for lease to another party. Owner-occupied and government-owned buildings are typically excluded from the competitive inventory. Note: It is important to note that data providers each have their own set of buildings that … Read more
A retail property with a wide range of apparel and general merchandise stores, as well as discount retailers or department stores such as Walmart, Kmart and Target. (See Retail Building Types Matrix.) Learn more at https://www.naiop.org