Senior Vice President
The walled off and secured area of a leased space, separated from spaces leased to others (by a "demising" wall). Also measured as useable area.
The partition wall that separates one tenant's space from another or from the building's common area such as a public corridor.
A yield rate used to convert future payments or receipts into present value
An agreed dollar amount of taxes and operating expense (expressed for the building as a whole or on a square foot basis) over which the tenant will pay its prorated share of increases. May be applied to specific expenses such as property taxes or insurance.
The actual rental rate to be achieved by the landlord after deducting the value of concessions from the base rental rate paid by a tenant, usually expressed as an average rate over the term of the lease.
Excludes those areas within the Useable Space that the tenant pays rent on but effectively cannot use such as columns and sharply angled spaces.
A clause in a lease which provides for the rent to be increased to reflect changes in expenses paid by the landlord such as real estate taxes, operating costs, etc. This may be accomplished by several means such as fixed periodic increases, increases tied to the Consumer Price Index or adjustments based on changes in expenses paid by the landlord in relation to a dollar stop or base year reference.
A signed statement certifying that certain statements of fact are correct as of the date of the statement and can be relied upon by a third party, including a prospective lender or purchaser
A written agreement between a real estate broker and a property owner in which the owner promises to pay a fee or commission to the broker if specified real property is leased during the listing period
A right granted by the landlord to the tenant whereby the tenant has the option(s) to add more space to its premises pursuant to the terms of the option(s).
A fixed amount (typically quoted per square foot) in a lease where the tenant is responsible for all building operating expenses and taxes in excess of said amount.
An agreed continuation of occupancy under the same conditions, as opposed to a renewal, which implies new terms or conditions. In a lease, it is a right granted by the landlord to the tenant whereby the tenant has the option to extend the lease for an ad.