This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Connecticut Provisions Used for Measuring Additional or Option Space Connecticut has specific provisions in place when it comes to measuring additional or option space within various settings. These provisions aim to provide accurate and standardized measurements to ensure fairness and consistency in the real estate industry. Here, we will outline the key aspects of measuring additional or option space in Connecticut, along with different types of provisions used. 1. Gross Leasable Area (GLA): Gross Leasable Area refers to the total floor space available for lease to tenants. In Connecticut, GLA serves as a common provision used to measure additional or option space. It encompasses the entire usable space, including both occupied and unoccupied areas, such as hallways, stairwells, and other common areas. 2. Net Leasable Area (LA): Net Leasable Area is a measurement provision that deducts specific areas from the GLA, excluding spaces that are not directly usable by tenants or generate income. These exclusions typically include tenant storage areas, electrical rooms, janitorial closets, or mechanical rooms. LA focuses on the space that tenants can utilize effectively for their operations. 3. Rentable Area: Rentable Area is another provision used in Connecticut to measure additional or option space. It combines GLA with a proportional share of the common areas in a building. Common areas may include lobbies, restrooms, elevators, and shared amenities. Rentable Area allows for a fair distribution of operating costs for shared spaces among tenants. 4. Usable Area: Usable Area refers to the space rented exclusively to tenants for their day-to-day operations. It excludes any shared spaces or areas dedicated to building services. Usable Area provisions come into play when tenants require a dedicated space without any shared facilities. 5. Option Space: In Connecticut, Option Space is a term used to describe available space within a leased property that can be taken up by an existing tenant if additional space is required. Option space is often measured using the same provisions as the primary leased area, such as GLA, LA, or Rentable Area. Accurate measurement of option space is crucial to determine the lease terms, rental rates, and responsibilities associated with the expansion. Connecticut's provisions for measuring additional or option space ensure that landlords and tenants are on the same page when it comes to understanding available space, rental calculations, and responsibilities. Adhering to these provisions promotes transparency and fairness in lease agreements, minimizing potential disputes. Local real estate professionals should be well-versed in these provisions to provide accurate information and guidance to landlords and tenants.Connecticut Provisions Used for Measuring Additional or Option Space Connecticut has specific provisions in place when it comes to measuring additional or option space within various settings. These provisions aim to provide accurate and standardized measurements to ensure fairness and consistency in the real estate industry. Here, we will outline the key aspects of measuring additional or option space in Connecticut, along with different types of provisions used. 1. Gross Leasable Area (GLA): Gross Leasable Area refers to the total floor space available for lease to tenants. In Connecticut, GLA serves as a common provision used to measure additional or option space. It encompasses the entire usable space, including both occupied and unoccupied areas, such as hallways, stairwells, and other common areas. 2. Net Leasable Area (LA): Net Leasable Area is a measurement provision that deducts specific areas from the GLA, excluding spaces that are not directly usable by tenants or generate income. These exclusions typically include tenant storage areas, electrical rooms, janitorial closets, or mechanical rooms. LA focuses on the space that tenants can utilize effectively for their operations. 3. Rentable Area: Rentable Area is another provision used in Connecticut to measure additional or option space. It combines GLA with a proportional share of the common areas in a building. Common areas may include lobbies, restrooms, elevators, and shared amenities. Rentable Area allows for a fair distribution of operating costs for shared spaces among tenants. 4. Usable Area: Usable Area refers to the space rented exclusively to tenants for their day-to-day operations. It excludes any shared spaces or areas dedicated to building services. Usable Area provisions come into play when tenants require a dedicated space without any shared facilities. 5. Option Space: In Connecticut, Option Space is a term used to describe available space within a leased property that can be taken up by an existing tenant if additional space is required. Option space is often measured using the same provisions as the primary leased area, such as GLA, LA, or Rentable Area. Accurate measurement of option space is crucial to determine the lease terms, rental rates, and responsibilities associated with the expansion. Connecticut's provisions for measuring additional or option space ensure that landlords and tenants are on the same page when it comes to understanding available space, rental calculations, and responsibilities. Adhering to these provisions promotes transparency and fairness in lease agreements, minimizing potential disputes. Local real estate professionals should be well-versed in these provisions to provide accurate information and guidance to landlords and tenants.
