Commercial Real Estate Definitions - From A to N

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Commercial Real Estate Glossary: A to N


Overview

Understanding commercial real estate terminology is crucial because it differs significantly from residential real estate. Below is a list of key terms, ranging from A to M, that are essential for navigating the commercial landscape effectively.

Key Terms


- According to Value: This refers to the valuation of a property for the purpose of calculating property taxes.

- Build to Suit: A custom design and build process tailored for a single tenant. This often results in a building specifically constructed for one occupant, who may then lease or purchase it.

- Certificate of Occupancy: Issued by a city building department, this document is required before a tenant can move into the space.

- Common Area Maintenance (CAM): An annual charge that tenants pay based on their occupancy percentage. It covers maintenance costs for shared areas like parking lots, bathrooms, and open spaces.

- Demising Wall: A partition wall that separates two suites within a multi-tenant building. In many areas, these walls must adhere to specific fire safety standards.

- Flex Space: A versatile type of building that combines areas for different uses, such as both office and warehouse space.

- Gross Square Feet (GSF): Refers to the total square footage of a building, calculated by measuring the exterior walls and multiplying by the vertical footage.

- HVAC: This stands for Heating, Ventilation, and Air Conditioning systems that control a building’s climate.

- Mechanic's Lien: A legal claim filed by a subcontractor to secure payment for services rendered. It is governed by state-specific laws.

Conclusion

Unlike residential real estate, commercial transactions are primarily business-oriented. Familiarizing yourself with these terms will ease your navigation through the commercial real estate process.

You can find the original non-AI version of this article here: Commercial Real Estate Definitions - From A to N.

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