Large
John Smith

Position Description

   
LeaseMatrix Companies
100 N Tryon Street, Suite 1000
Charlotte, NC 28202
 (704) 750-1031
@ support@lease.io
Leasing Glossary

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.

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