Real Estate Glossary

Figure representing the number of parking spaces available per 1,000 square feet of gross leasable area.

Figure representing the number of parking spaces available per 1,000 square feet of gross leasable area.

The taking of part of an owner's property under the laws of eminent domain. Compensation must be based on damages or benefits to the remaining property, as well as the portion taken.

Building and operating expenses that are paid by the tenant under the terms of a lease.

Professional Engineer.

A lease, generally on a retail business property, in which the rent is calculated as a percentage of sales. There is usually a minimum or "base" rent in the event of poor sales.

A bond posted by a contractor guaranteeing the owner that the bonding company will complete construction if the contractor defaults.

Generally refers to space that is under lease to a tenant but not presently occupied. Usually created when a tenant consolidates or reduces operations in space it leases prior to the end of its lease term. The vacant but leased space may or may not be formally marketed on a sublet basis or counted among a market's vacancy.

Acronym used to indicate what is included in a monthly mortgage payment on real property. Principal, interest, taxes and insurance are the four major portions of a typical monthly payment.

Office space that is currently under construction or renovation and will be completed (delivered to the market) within two years. Does not include Proposed or Future Proposed Space.

A map dividing a parcel of land into lots, as in a subdivision.

Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of default.

Concrete building components fabricated at a plant site and shipped to the site of construction.

Assigned lease for space in a multi-tenant office building which has not yet received a Certificate of Occupancy.

First generation (new) space that is currently available for lease but has never before been occupied by a tenant.