Senior Vice President
Colliers International
1233 West Loop South, Suite 900
Houston, TX 77027
(713) 830-2111
@ coy.davidson@colliers.com
Useable Area
The secured area (square footage) occupied exclusively by tenant within a tenant's leased space. The useable area times the load factor for common area results in rentable area on which rent is charged. Useable area can be measured in many ways, but the most common measurement for office buildings is according to BOMA standards.
Value Engineering
Process by which costs can be decreased or benefits can be added to an undertaking or project through redesign, prioritization or other similar actions.
Vertical Transportation
Elevators, stairs or escalators moving people or freight between floors in a building.
Virtual Office
An office that moves with the person. Typically used in a sales organization where the salespeople are given portable computers, modems, and cellular phones in return for having their offices taken away.
Working Drawings
Drawings prepared by a licensed architect and used by contractors in the construction of tenant improvements. Shows all architectural detail such as electric, plumbing, partitions, etc.
Work Letter
The part of the lease which deals with tenant improvements. Items which should be addressed include the amount of money the landlord will contribute to the construction, the condition of the premises prior to construction, how any overages in construction cost will be paid, and how contractors will be selected.
LeaseMatrix