Commercial Real Estate Definitions From A To N

Commercial Real Estate Definitions From A To N



Commercial Real Estate Definitions - From a​ to​ N
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​ exterior walls multiplied by the​ vertical footage .​
HVAC: Refers to​ the​ climate control systems for​ a​ building including heating and​ air conditioning .​
Mechanic's Lien: a​ legal claim typically filed by a​ subcontractor to​ obtain payment for​ services rendered .​
The claim arises under state law and​ is​ dependent on each states particular law .​
Unlike residential real estate, commercial real estate is​ primarily considered a​ business transaction .​
Learn the​ terms and​ you're well on your way to​ moving smoothly through the​ process.




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