Office space
Property used for professional and administrative work, from small suites to high-rise towers. It is graded by class, leased by rentable square foot, and often uses full service gross leases.
Also called: office, office building, office lease
Related terms
Informal grades for commercial buildings. Class A is newer, high-quality space with top rents; Class B is older but well kept; Class C is older and needs work, with lower rents and more risk.
A tenant's usable space plus its share of building common areas like lobbies, corridors and restrooms. Commercial rent is usually charged on rentable, not usable, square feet.
A lease where the tenant pays one flat rent and the landlord covers property taxes, insurance and maintenance out of it. Common in office buildings and residential rentals.
The ratio of rentable to usable square feet, showing how much shared space is added to a tenant's suite. A 1.15 load factor means paying for 15% more space than you occupy.
Changes made to a space to fit a tenant's needs, such as walls, flooring and wiring. Landlords often offer a TI allowance per square foot, which is negotiated as part of the lease.