Real Estate Glossary

An appraisal term that encompasses the total value of land and improvements rather than the separate values of each.

Generally, the term refers to buildings, but may include any permanent structure or other development, such as a street, utilities, etc. Also "On-Site Improvements."

Development costs other than direct material or direct labor costs, including administrative and office expenses, financing costs and property taxes.

When referring to a market of office or industrial space, the total amount of rentable square feet of existing and delivered space in a given category, for example, prime office space. Inventory refers to all space within a certain proscribed market without regard to its availability or condition, and can include both office and flex warehouse space.

An involuntary transfer of real property without the consent of the owner, such as by a divorce decree, condemnation, etc.