Real Estate Glossary

Floor area of a building less any vertical penetrations of the floors. No deductions are made for necessary columns and projections of the building. (BOMA Standard)

Space in office buildings which contain or are intended to contain one office occupant so that the space is rarely if ever available for lease or subleases

A loan which does not allow for a deficiency judgment against a borrower in the event of default. The borrower cannot be held personally liable. The lender's only available recourse in the event of default is the collateral or property.

A property sale by a trustee under a deed of trust, or a mortgage under a power of sale of a mortgage.

The total area of land and/or water not improved by a building, structure, street, road or parking area, or containing only, such improvements as are complementary, necessary or appropriate to the use and enjoyment of the open area.

Refers to the clause in a lease agreement used to adjust rents over the term of a lease.

The actual cost of operating income-producing property, including utilities and similar day-to-day expensed, taxes, insurance and reserves for the replacement of items that wear out.

Rights to the use, enjoyment and alienation of property to the exclusion of others.

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.