Real Estate Glossary

Real Estate Glossary

There are 18 entries in this glossary.
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Glossaries

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Term Definition
Parking Index

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

Parking Ratio

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

Partial Taking

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.

Pass Throughs

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

PE

Professional Engineer.

Percentage Lease

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.

Performance Bond

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

Phantom Space

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.

PITI (Principal, Interest, Taxes and Insurance)

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.

Planned Delivery Space

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.

Plat (Plat Map)

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

Power of Sale

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

Precast Concrete

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

Prelease

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

Prime Space

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

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