Asset Manager
Represents ownership; focuses on long-term value, strategy, budgets, and performance (big picture).
Represents ownership; focuses on long-term value, strategy, budgets, and performance (big picture).
A building that is designed and tailored for a specific tenant, either because the tenant is unable to find suitable space in the existing market or wishes custom design features for their business. The build-to-suit project is usually contracted by the tenant/occupant.
The costs associated with maintaining and operating shared spaced within commercial property such as lobbies, hallways, landscaping, etc. These are covered by fees that tenants pay on top of their base rent.
Also known as "Cap Ex", are the improvements to a fixed asset that will increase the value or useful life of that asset. A capital expenditure is typically amortized or depreciated over the useful life of the asset, as opposed to a repair, which is expensed in the year incurred.
Office buildings with a Class A rating compete for the market’s premier office users and command the highest relative rents in the local office market. Class A buildings are well-located in major employment centers and typically have good transit, pedestrian access and/or vehicular access, and usually have high-quality finishes, state-of-the-art systems and high-quality management.
The generally accessible areas found on each floor of an office building such as washrooms, janitorial closets, electrical rooms, telephone rooms, mechanical rooms, elevator lobbies and public corridors that are available for use by all tenants on that floor. Similar structures in an industrial building. May include parking lot and landscaped areas. It does not include major vertical penetrations such as elevator shafts, stairways, equipment runs, etc.
A clause in a retail tenant’s lease that provides remedies to the tenant if another tenant, typically an anchor or major tenant, ceases its operations at the property.
Repairs postponed, often leading to larger costs later.
Late or unpaid rent.
A block of space offered for lease by a landlord to which a third party has some legal right. Examples could include another tenant’s potential right to lease or occupy the space at some future date. It could include some shared space for loading/unloading.
Private, individual, turnkey office spaces designed for professionals and small teams seeking a flexible, professional workspace. These suites include access to shared amenities such as conference rooms, a media center, 2 restaurants, and a fitness center, all within a professionally managed office environment.
Stands for "Furniture, Fixtures, and Equipment" refering to the movable items within a space that are not permanently attached to the structue such as chairs, desks, lighting and appliances.
The gross square footage of each floor in a multistory building.
Rent includes most operating expenses.
Type of commercial lease where the tenant pays a fixed rent, and the landlord covers all operating expenses, including taxes, insurance, and maintenance.
Tenant stays past lease expiration, usually at a higher rent.
The load factor is calculated by dividing the rentable building area (RBA) by the usable area. This factor can then be applied to the usable area to convert it to RBA for comparison.
A platform at the shipping or delivery door of a building; it is usually situated on the same height as the floor of a shipping container on a truck or railroad car to facilitate loading and unloading.
A letter of intent is a written document outlining a preliminary agreement between two or more parties before an actual agreement, such as a lease, is finalized. It is similar to a term sheet or memorandum of understanding (MOU). Typically, LOIs are intended to be non-binding, although certain provisions of them such as non-disclosure and exclusivity are typically binding. The intent is to protect both parties to the transaction until the transaction is executed.
Contract outlining services, fees, authority, and responsibilities of the property manager.
A development project that combines multiple land uses such as retail, office, residential or hospitality facilities that are fully integrated into one project. May be on a single site or adjacent sites in the same development.
A lease in which the landlord receives a stipulated rent, and payment of the property’s operating expenses is divided between the lessor and lessee via specified terms in the lease; also called “Modified Gross.”
A type of residential property that contains two or more seperare housing units within a single building such as duplexes, triplexes, apartment buildings and condominiums, where each unit typically has its own kitchen, bathroom and entrance.
A building that is not owner-occupied and contains space that is leased to two or more tenants.
Stands for "Triple Net Lease" that requires the tenant to pay not only the base rent but also all ongoing expenses associated with the property including real estate taxes, building insurance, and maintenance costs.
The costs incurred by a business through its normal operations such as rent, payroll, and marketing, which are essential for running the business but not directly ties to production of goods or services.
Financial and operational update to ownership.
Scheduled maintenance to avoid costly failures.
Tenant’s percentage of building expenses based on square footage.
The operation, control, maintenance, and oversight of residential, commercial, or industrial real estate.
Handles day-to-day operations: tenants, vendors, budgets, maintenance, and reporting.
Routine upkeep costs (not capital improvements).
The right of a tenant to extend the lease term for a specified period of time at a predefined rental rate. The rate is typically defined as a percentage of market rent, a consumer price index-based increase on previous rent, or a specified dollar amount. Often, there is a date by which this option must be executed, otherwise, the option expires.
Snapshot of tenants, rents, lease terms, and expirations.
Space tenant pays rent on (includes common areas).
Refers to the segment of the commercial property market that focuses on properties specifically designed for selling consumer goods and services. This includes various types of malls, department stores, and individual storefronts.
Agreement outlining scope, pricing, and response times.
Space within a property without any, or a minimal level of, interior improvement and finish. Frequently refers to space in a newly constructed building awaiting a tenant to customize interior demising walls, electrical or other space design needs.
A building for which there is a single lease obligation.
A unit of area measurement that represents the area of a sqaure with each side measuring exactly one foot in length.
When space is usable, even if minor items remain.
Another term for TI—often used in construction contexts.
The physical changes or customizations made to a leased premises or property, often commercial, to suit a specific tenant's needs
Managing a property on behalf of an owner who is not your company.
Money the landlord contributes toward build-out.
Tenant pays rent + CAM + taxes + insurance.
A term used to describe a landlord's agreement to provide and pay for improvements to a tenant's premises. The landlord is required to deliver the premises in a condition ready for the tenant's stipulated use.
Space delivered fully built out and ready to occupy.
This relative term is best compared to rentable area. Usable area is the amount of space that can actually be used by tenants within the space they lease. For example, columns inside a tenant space are counted in the measure of rentable area, but the space occupied by the column cannot be used by the tenant. A tenant’s usable area does not include common areas in the building.
Space tenant actually occupies.