Real Estate Glossary
A
Absorption
Net change in physically occupied space over a given period of time.
Absorption Rate
Percentage of leased space absorbed in a given time period (annualized).
Annual Effective Rent (to the tenant)
Same as above less any concessions to the tenant including free rent, lease takeovers or cash inducements (not to include tenant improvements).
Annual Quoted Rent
Includes all costs associated with occupying a full floor in the mid-rise portion of a Class A building inclusive of taxes, insurance, maintenance, janitorial and utilities (electricity surcharges added where applicable). All office rents in this report are quoted on an annual, gross per square foot basis in U.S. dollars. Rent calculations do not include sublease space.
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C
Cap Rate
(Or going-in cap rate) Capitalization rates in this survey are based on multi-tenant institutional grade buildings fully leased at market rents. Cap rates are calculated by dividing net operating income (NOI) by purchase price.
CBD
Central Business District
Community Shopping Center
Usually configured as a strip often in a straight line or "L" or "U" shape. Anchor tenant is typically a discount department store (i.e. Wal-Mart, Target), supermarket or super drug store. A community center typically offers a wider range of apparel and other soft goods than a neighborhood center does. Total gross leaseable area is often between 100,000 and 400,000 square feet.
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F
Flex Space
Single-story buildings that have 10- to 18-foot ceilings with both floor-height and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.
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I
Inventory
Includes all existing multi or single tenant leased and owner-occupied industrial warehouse, light manufacturing, flex and R&D properties greater than or equal to 10,000 square feet.
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L
Light Manufacturing
Buildings with 10- to 16-foot ceilings or sufficient height for overhead cranes. Provides floor height and dock-height loading.
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N
Neighborhood Shopping Center
These centers are designed to provide convenience shopping for the day-to-day needs of consumers in the immediate neighborhood. Anchors are likely to be supermarkets or drugstores. Other tenants might include stores providing sundries, snacks and personal services. Generally, neighborhood centers are 30,000 - 150,000 sf in size and are configured as strip centers without an enclosed walkway or mall area, but may possibly have a canopy to connect the storefronts.
New Construction
Includes completed speculative and build-to-suit construction. New construction quoted on a net basis after any demolitions or conversions.
New Supply
Includes completed speculative and build-to-suit construction. New supply quoted on a net basis after any demolitions or conversions.
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P
Power Center
These centers are designed to provide tremendous selection in a particular merchandise category at low prices. Anchors are likely to be category killers, home improvement stores, discount department stores, warehouse clubs or off-price stores. Generally, regional centers are 250,000-600,000 sf in size and are configured with several freestanding (unconnected) anchors and a minimal number of small specialty tenants
Premier Fashion Streetfront
Destination retail corridor in urban center typically occupied by fashion retailers and able to command top rents.
PSF
Per Square Foot
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R
Rents
All retail rents in this report are quoted on an annual, triple net per square foot basis in U.S. dollars.
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S
Service Space
Single story (or mezzanine) with 10- to 16-foot ceilings with frontage treatment on one side and dock-height loading or grade level roll-up doors on the other. Less than 15% office.
SF
Square Feet
SM
Square Meters
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T
Tech/R&D
One- and two- story, 10- to 15-foot ceiling heights with up to 50% office/dry lab space (remainder in wet lab, workshop, storage and other support), with dock-height and floor-height loading.
Triple Net Rent
Includes rent payable to the landlord and does not include additional expenses such as taxes, insurance, maintenance, janitorial and utilities. All industrial and high-tech/R&D rents in this report are quoted on an annual, triple net per square foot basis in U.S. dollars.
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V - Z
Vacancy Rate
Percentage of total inventory physically vacant as at the survey date including direct vacant and sublease space.
Warehouse
50,000 square feet or more with up to 15 percent office space, the balance being general warehouse space with 18 to 30 foot ceiling heights. All loading is dock-height.
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