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.

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,…

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 welcome back to Word of the Week Wednesday! To start the new year of 2022, let’s talk about rental concessions. Rental concessions are incentives that landlords or property owners offer prospective tenants or buyers to influence or persuade them to sign the lease agreement. The typical concessions provided are free rent for…

Good morning, it’s Word of the Week Wednesday again. Let’s take a look at full-service lease. A full-service lease is a lease that has an all-inclusive rental rate which includes both the base lease rental rate, utilities, janitorial costs and the operating expenses combined into one amount.

Good morning, welcome back to Word of the Week Wednesday! Let’s talk about covenant. A covenant is a written agreement or restriction inserted into deeds or other legal contract documents stipulating certain activities will or will not be allowed on the property.

Good morning, welcome back to Word or the Week Wednesday! Let’s begin with the phrase purchase and sale agreement, also known as a PSA. This type of agreement is between a seller and a buyer of real estate or investments that establishes several rights and obligations for both the seller and buyer.

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 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, 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.

It’s Word of the Week Wednesday! Let’s take a look at clear height. Clear height is the height of a building starting from the ground floor to the bottom of the lowest hanging item on the ceiling. Hanging items include sprinklers, lights, structural beams, etc.