Asking rent is the initial list price set by a landlord for leasing a property. It can be subject to negotiations leading to concessions such as reduced rent or additional incentives.
An informal, unincorporated organization of educational institutions established in 1983 to advance common interests in real estate administration, including management, leasing, investment, development, acquisition, and disposition.
An individual or firm licensed to arrange real estate transactions, matching property buyers and sellers or tenants and landlords, while earning a commission for services rendered.
Build to Suit is a contractual arrangement where a landowner agrees to construct a building based on the specifications of a tenant and then lease both the land and the completed building to the tenant. This allows tenants to customize space without the upfront capital expense of buying and developing land.
Common Area Maintenance (CAM) charges are fees paid by tenants to cover the maintenance of common areas in a commercial property.
A demising partition is a barrier or partition used to separate two adjacent tenant spaces or to separate a tenant space from common areas, such as corridors, in commercial real estate. This term is commonly used in the context of lease agreements and construction specifications.
Distraint is the legal right of a landlord to seize a tenant’s personal property to satisfy the payment of back rent.
In real estate, downtime refers to the period during which rentable space remains vacant between tenants, posing a financial challenge for property owners and managers aiming for continuous revenue from their assets.
The effective rental rate calculates the true cost of renting a property by taking into account rental concessions over the lease's duration. This provides a more accurate measure for both tenants and landlords compared to the asking rent.
A provision in a lease for an office or retail space that provides a certain sum or amount per square foot to the tenant to customize the space.
Gross Leasable Area (GLA) is a key metric in commercial real estate that represents the total floor area designed for tenant occupancy and exclusive use, usually measured from the centerline of shared walls and to the outer surface of exterior walls.
Gross Leasable Area (GLA) refers to the total floor area of a building that can be used by tenants, including all areas that are used by tenants and the communal spaces shared by tenants. It is measured from the center of joint partitions to the exterior surfaces of outside walls.
The International Council of Shopping Centers (ICSC) is a prominent nonprofit association that supports the shopping center industry through a variety of resources, publications, and events focusing on financial, leasing, and legal matters.
A land lease, also known as a ground lease, is a contractual agreement where the tenant leases the land on which they intend to construct a building or other improvements, while the land itself remains the property of the landlord.
A land lease community is a type of housing development where homeowners lease the land under their homes from a landowner who often provides community infrastructure and amenities. These communities are commonly associated with manufactured or mobile homes.
A landlord is a property owner who rents out their property to a tenant in exchange for rent. They have the right to lease property for a specific time period while earning rental income.
Net Leasable Area (NLA) represents the precise space within a commercial property that can be rented to tenants. It is a critical metric for landlords and investors when estimating potential rental income.
Net Rentable Area (NRA) refers to the usable space available for lease to tenants in a commercial property, excluding certain areas such as common areas, elevator shafts, and emergency stairwells. This metric is essential for determining the true income potential of a property.
An occupancy report provides a comprehensive summary of a building's occupancy status, detailing pertinent information about tenants, vacant spaces, and leasing terms. This report is essential for property managers, owners, and investors to assess the property’s performance and make informed decisions.
On-site refers to operations or services performed directly at the location, often related to property management, development, or various other activities.
The rent-up period refers to the span of time it takes for newly constructed properties or newly vacated buildings to achieve full occupancy through tenant leasing. This phase is crucial for property owners and developers as it significantly impacts potential revenue and return on investment.
A revaluation clause, often seen in reappraisal leases, allows for periodic reassessment of a property’s value during the lease term, enabling adjustments to rent reflective of current market conditions.
A synthetic lease is a financial arrangement where the lessee assumes complete responsibility for the property, including all risks, costs, and obligations, while the lessor receives a fixed rent.
Tenant fixtures are installations or improvements made by a lessee that can be removed upon the expiration of the lease.
Tenant Improvements (TIs), also known as leasehold improvements or build-outs, refer to changes made to the interior of a rented commercial property to customize it for the specific needs of the tenant.
A Tenant Representative Broker represents tenants in seeking the best property to lease, negotiating favorable transaction terms, and assisting with related leasing processes.
