It’s Word of the Week Wednesday! Let’s take a look at vacancy rate. Vacancy rate is a measurement expressed as a percentage of the vacant space in a rental property, such as a hotel, divided by the total amount of units of the property.

Good morning, Here’s another Word of the Week Wednesday! Let’s look at usable area. Usable area refers to space in a building that is available specifically to the tenant for use. Usable area is usually office or retail space that the tenant has sole control over.

Good morning, its Word of the Week Wednesday! Let’s take a look at rentable area. Rentable area refers to the tenant’s usable square footage of a property alongside their portion of the building’s common area.

Good morning, its Word of the Week Wednesday again! Let’s look at warm shell. Warm shell refers to any building that is minimally fitted with basic services that may include lighting, plumbing and HVAC. This makes the building ready to lease.

Good morning, it’s Word of the Week Wednesday! Let’s talk about the option of right of first refusal. The right of first refusal is a contractual right that gives the option holder the opportunity to buy or lease the property before another buyer or tenant’s offer is accepted.

Morning! It’s Word of the Week Wednesday again! Let’s look at grade level loading. Grade level loading refers to a loading door or entryway of an industrial property that is leveled to the ground or street. This type of loading door provides easy access for hand trucks, dollies or fork lifts for product to be…

Good morning and happy holidays! It’s Word of the Week Wednesday! Let’s take a look at dock high loading. This refers to a loading dock found in most industrial properties in which the standard height of the dock is 48 inches from the ground to the floor of a warehouse. These can be accomplished via…

Good morning and happy New Year! It’s Word of the Week Wednesday, and it’s the last Wednesday of 2021! Let’s take a look at build-to-suit. Build-to-suit refers to a commercial space or building that is constructed to the client’s specifications and needs. The user of that space or building will have input on concept, design,…

Good morning, its Word of the Week Wednesday! Let’s take a look at lessee and lessor. In a lease agreement, the lessee (tenant) is defined as the party that pays for the use of the asset or property. The lessor (landlord) is the person that receives payments from the lessee in exchange for the usage…

Good morning, its Word of the Week Wednesday! Let’s take a look at ingress and egress. These two words refer to the same issue of rights. Ingress refers to the right to enter onto a property, while egress refers to the right to exit a property. The rights to enter or exit the property may…

Good morning, its Word of the Week Wednesday! Let’s take a look at rentable area. Rentable area refers to the tenant’s usable square footage of a property alongside their portion of the building’s common area.