This floor area is created for tenant inclusive occupational use. It includes the mezzanine, secondary floors, and basements. GLA is measurable from the centerline of joint partitions and the outside walls. It is the scope that...
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Building Shell
A building shell is the skeleton of a building. It is the basic minimum enclosure that includes the foundation and floors, roof coverings, the structural framework of the building, the basic fire sprinkler system, the plumbing...
Discount points (or points)
Also referred to as mortgage points or points, this is the amount paid to maintain or lower the charged interest rate. They are a one time fee that is usually paid at the time the mortgage is first arranged or during a refinance...
Construction Starts
Normally measured in the amount of buildings and square feet, construction starts are the total amount of buildings that broke ground or whose construction commenced over a specified period.
Demographics
Demographics refer to the characteristics of a population. They are typically defined by the population size and density of regions as well as population growth rates, vital statistics, migration, and their effect on certain...
Conceptual Design
Part of the pre-design phase, this is where the owner and A & E team come together and conceptualize the project by outlining its form and function. This process promotes an open dialogue between the owner and the architect. In...
Buy down
A technique in mortgage financing, buy down is a cash payment wherein the buyer sets a low interest rate for the first few years of a mortgage. In this agreement, the seller typically provides the payment to a mortgage-lending...
CMBS (commercial mortgage-backed securities)
This refers to securities backed by mortgages on commercial properties as opposed to residential real estate. They can provide liquidity to commercial lenders and real estate investors alike. This kind of securities can be more...
Circulation factor
This refers to the spaces of a building required for internal office circulation that is typically not accounted for in the net square footage. The space is designed for the movement of people, goods, and vehicles in order to...
Debt Covenants
These are rules included in loan documents that govern the behavior of the borrower once the debt is issued. There are two types: affirmative and negative covenant. Affirmative covenant permit while negative covenant restrict the...
