Commercial Real Estate Definitions - From O to Z
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Commercial Real Estate Definitions: From O to Z
Overview
Navigating commercial real estate requires familiarity with specific terms that differ from residential real estate. Here’s a guide to key terms from O to Z.
Key Terms in Commercial Real Estate
Operating Expenses: These are the costs involved in running a commercial property. They are typically defined by contracts and state laws.
Partition Wall: An interior wall used to divide a space within a suite. For example, during tenant improvements, offices are often separated by partition walls.
Punch List: Created during the final walkthrough of a completed construction project, this list details items needing correction or modification.
Shell Space: Refers to the unfinished interior of a commercial building, awaiting tenant-specific build-outs. This term usually covers the total square footage prior to any improvements.
Substantial Completion: This is the notice given by a contractor when a property is sufficiently completed for walkthroughs and punch list creation.
Usable Square Feet: This measures the actual space within a building or suite that tenants can use. Due to regulatory and design factors, some space might be unusable, and thus excluded from this calculation.
Conclusion
Commercial real estate is fundamentally a business transaction, distinct from residential dealings. Understanding these terms will help you navigate the process smoothly.
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