Commercial real estate is distinctly different from residential real estate. The terminology is very different and here is a list of new terms from A to M.
Commercial Terms
According to Value: The value of the property when computing property taxes.
Build to Suit: A customized design and build approach for a single tenant space usually resulting in a single occupant building which is then leased or sold to the tenant.
Certificate of Occupancy: Issued by a city building department and is a necessary requirement prior to moving into the space.
Common Area Maintenance: Typically an annual charge assessed to tenants based on their percentage of occupancy to pay for maintenance of parking lots, bathrooms and open areas.
Demising Wall: A wall between two separate suites in a building with multiple tenants. In many states, the demising wall must meet specific fire safety standards.
Flex Space: A building providing mixed-use space such as an area combining an office and warehouse.
Gross Square Feet: Usually refers to gross footage of a building. GSF is typically arrived at by calculating the footage from the outside of...
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