Offirent dictionary

200 general terms and definitions of the office rental market

by Oleg Zhuk & ChatGPT

Access control

Additional rent

Agent

Amenity spaces

Amortization

Appraisal

Assignable area

Assignment

Automatic renewal

Base rent

Base year

Bicycle storage

Billing and invoicing

BOMA

Bondable Net Lease

Borrower

Break clause

Building amenities

Building automation system (BAS)

Building class

Building code

Building core

Building envelope

Building information modeling (BIM)

Building maintenance

Building management software (BMS)

Building operations

Building Owners and Managers Association (BOMA)

Building performance simulation

Building rentable

Building security

Building systems

Building systems integration

Build-out

Build-to-suit

Capital expenditures

Capital expenditures (CAPEX)

Capitalization rate (Cap rate)

Class A office space

Class B office space

Class C office space

Cleaning services

Commencement date

Commission

Commissioning

Commissioning agent

Common area maintenance (CAM)

Concession

Condemnation

Contraction option

Core building services

Covenants

Coworking space

Crossover clause

Day-to-day management

Debt service coverage ratio (DSCR)

Default

Demising wall

Depreciation

Direct lease

Double net lease (NN)

Due diligence

Egress

Emergency preparedness

Energy efficiency

Energy management system (EMS)

Engineering services

Escalation clause

Expansion option

Extension

Exterior gross

Exterior wall

Fit-out

Fixed end dates

Flex space

Full Service Gross Leases

Grant of lease

Green office building

Gross building area (GBA)

Gross lease

Gross rent lease

Gross rent multiplier

Guarantor

Handover

Holdover rent

Holdover tenant

HVAC

Improvements and alterations

Incidental expenses

Indemnity by tenant

Indoor air quality (IAQ)

Insurance

Interior gross

Interior parking

Janitorial services

Key money

Landlord access

Landlord rep

Landscaping services

Late fee

Leadership in Energy and Environmental Design (LEED)

Lease

Lease administration

Lease options

Lease renewal options

Lease proposal

Lease renewal options

Lease termination

Leasehold

Leasehold improvements

Lender

Length of the lease

Lessee Name

Lessor Name

Letter of credit

Letter of intent (LOI)

Life cycle cost analysis

Load factor

Loading dock

Loan-to-value ratio (LTV)

Maintenance and repairs

Management agreement

Management fee

Market rent

Market survey

Modified Gross Lease

Move-in condition

Net effective rent

Net lease

Non-competition clause

Nondisturbance agreement

Obligation for repair

Office building

Office condominium

Office lease agreement

Office park

Office space

Operating expenses

Operations and maintenance (O&M)

Package management

Parking ratio

Per square foot rental rate

Percentage rent

Permits

Pre-leasing

Premises

Property management

Reletting fee

Relocation clause

Renewal option

Rent abatement

Rent adjustment/abatement

Rent increase clause

Rent review clause

Rent roll

Rentable area ratio

Rentable square footage (RSF)

Rentable value

Rent-free period

Rent-to-value ratio

Right of first refusal

Security deposit

Service level agreement (SLA)

Serviced office

Single Net Lease

Site selection

Smart office building

Space planning

Sublease

Subordination clause

Subtenant

Suburban office market

Surveillance cameras

Sustainability initiatives

Taxes

Tenant improvement allowance (TIA)

Tenant inducements

Tenant mix

Tenant relations

Tenant rep

Tenant retention

Tenant services

Termination clause

Termination option

Tenant improvements (TIs) or move-in allowance

Trade fixtures

Triple net lease (NNN)

Turnkey improvements

Turnkey office or move-in-ready (TI)

Turnover

Underwriting

Urban office market

Usable area

Usable square footage (USF)

Use of premises

Vertical penetration

Vertical transportation

Virtual office

Visitors management

Wayfinding

Zoning