Peter C. Fishbach
Commercial Real Estate & Insurance Services
727-432-6999
Useful terms to know in understanding tenant representation.
Tenant pays all costs of operation, maintenance, taxes and repair.
Office space absorption? is a periodic comparison measurement of the growth or shrinkage in the amount of occupied office space under lease in a specific market area. Usually space still in construction, available for subleasing, totally owner occupied and smaller single tenant buildings are not included.
Americans with Disabilities Act to provide equal access accommodations.
It is what it says.
A fiduciary relationship where the agent acts or represents a principal.
A dollar amount or item quantity, to be used for a specific purpose in a lease agreement.
Payback of principal in regular periodic installments of principal and interest.
A transfer of a right or estate to another party.
The quanity and quality of common area? and tenant improvements furnished.
Building Owners and Managers Association - publishes standard industry definitions.
Common Area? Maintenance expenses, usually including taxes and insurance.
An official verification of building code compliance.
Shared hallways and corridors in an office space.
Refers to the relative quality of an office property. "A" is the best.
Certificate of Occupancy?.
The official date on which the lease term begins.
The building's elevator lobbies, restrooms, entry corridors, stairwells and service areas.
The secured area.
A full height fire-rated partition seperating tenants.
An interest rate used to evaluate the time value of money.
An averaged square foot rent calculated by dividing free and scheduled rents by the term.
An increase in rent at some future time.
Confirms to a lender or buyer that the lease is in full force and effect.
A right granted by the landlord.
The point over which the tenant must pay the excess as additional rent?.
Equal to an arms length transaction at a specific time.
May or may not include operating expenses? and taxes.
Tenant pays a stated rent, the landlord pays for everything else
Same as Full Service Rent?
A variable expense adjustment to a partially occupied space to what it would be if it was fully occupied.
Heating, ventilation, air conditioning systems.
Tenant.
Landlord.
An offer to proceed to a formal agreement on specific business terms.
The tenant’s added proportionate share of common areas.
About the same as Load Factor?.
At least one full service landlord paid expense is not included in rent.?
Current value of a future amount of money that earns a particular rate of interest. The net cost, benefits and the time value of money.
When the lease is not in default, the tenant can not be disturbed.
Net Present Value?, the net cost benefits and the time value of money.
All costs incurred by a tenant relating to its lease.
Usually concurrent with the lease “Commencement Date”.
Day-to-day expenses, taxes and insurance necessary to use a property.
The owner’s agent.
A place of exclusive occupancy.
The current value of a stream of payments to be received in the future at a particular interest rate.
A standard referring to that which a reasonable person would allow.
The tenant’s right to renew the lease, usually with restrictions.
Consideration paid for the use and occupancy of real property.
The stated premises? area for which rent will be charged.
The rent per square foot multiplied by this RSF? number is used to calculate "Rent".
Rent stated in as a unit price, usually per Rentable Square Foot per year.
A document inviting an offer answering specific concerns.
Request for Proposal
Gives a property right with specific terms as an option.
The recipient has the right to take instead or refuse a 3rd party’s offer.
Tenant may deduct from rent something due from the landlord.
Rentable Square Feet.
Interior design that can include the preparation of construction drawings.
A document that shares an existing lease responsibility with another.
To make subject or junior to a legal position.
When further defined, it determines a date or time specific.
The holder of an interest in property under an agreement.
A dollar budget or quantity of items supplied, to be used to improve space.
Improvements to real property meeting a tenant’s needs.
An advocate for the tenant.
Tenant improvement allowance? -a dollar budget or quantity of items supplied, to be used to improve space.
Rent does not include operating expenses?, taxes or insurance.
Improvements to the rented space that the landlord furnishs at no cost to the tenant.
USF? includes only the Premises?, also called the Demised Area?.
Usable Square Feet
Value Engineering is a process to reduce costs and/or improve a schedule.
A portable office situation that moves with the individual.
Provides an itemized basis from which a tenant space can be constructed.
Are detailed and used by contractors to construct improvements
Peter C. Fishbach
Commercial Real Estate & Insurance Services
727-432-6999