This office lease form describes provisions for using the area in the case of a single tenancy floor, within the exterior walls of the New Building, or, in the case of a multiple occupancy floor, within the exterior walls, party walls or corridor walls which is considered to be usable area .
Indiana Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers The Indiana Provision using usable area as the measurement standard for Midtown Manhattan Modern Office Towers is a specific regulation set in place by the state of Indiana to determine the usable space of office towers in the bustling business district of Midtown Manhattan. This provision focuses on calculating the usable area of these modern office towers based on specific guidelines, ensuring fair measurement standards for all parties involved. By implementing the Indiana Provision, the state aims to create a transparent and consistent approach to measuring usable area, which is vital in assessing office space requirements, leasing agreements, and understanding the overall value of a property. This not only benefits tenants but also landlords, real estate agents, and potential investors in making informed decisions. Key Features of the Indiana Provision: 1. Usable Area Definition: The provision clearly defines usable area as the total space within a Midtown Manhattan modern office tower that can be occupied or utilized by the tenant. Usable area typically includes office space, corridors, conference rooms, reception areas, and restrooms. 2. Measurement Methodology: The provision dictates a standardized measurement methodology to calculate the usable area. This methodology considers net square footage, excluding common areas, mechanical rooms, and vertical penetrations. This approach ensures that the usable area reflects the actual space usable for office-related activities. 3. Consistency in Measurement Standards: By adhering to the Indiana Provision, Midtown Manhattan modern office towers consistently measure usable area using the same methodology. This allows for fair comparisons between different office spaces and provides clarity in lease agreements, lease renewals, and property valuations. Types of Modern Office Towers Covered by the Indiana Provision 1. High-Rise Office Towers: The Indiana Provision covers high-rise office towers, typically characterized by a significant number of floors, offering a large amount of usable area to tenants. These towers are often equipped with modern amenities, state-of-the-art infrastructure, and attractive architectural designs. 2. LEED-Certified Office Towers: The provision also includes LEED-certified (Leadership in Energy and Environmental Design) office towers, in line with Indiana's commitment to sustainable development. These buildings adhere to environmentally friendly practices, energy efficiency standards, and provide a healthy work environment, further enhancing the value of usable area measurements. 3. Mixed-Use Developments: In addition to traditional office towers, the Indiana Provision may also encompass mixed-use developments that incorporate office spaces alongside residential, retail, or entertainment facilities. These developments bring together a variety of functions and provide an all-inclusive experience for tenants and visitors. In summary, the Indiana Provision utilizing usable area as the measurement standard for Midtown Manhattan Modern Office Towers establishes a consistent and fair method of measuring usable space. By following this provision, landlords, tenants, and investors can accurately evaluate office spaces, negotiate lease agreements, and make well-informed decisions in the dynamic real estate market of Midtown Manhattan.Indiana Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers The Indiana Provision using usable area as the measurement standard for Midtown Manhattan Modern Office Towers is a specific regulation set in place by the state of Indiana to determine the usable space of office towers in the bustling business district of Midtown Manhattan. This provision focuses on calculating the usable area of these modern office towers based on specific guidelines, ensuring fair measurement standards for all parties involved. By implementing the Indiana Provision, the state aims to create a transparent and consistent approach to measuring usable area, which is vital in assessing office space requirements, leasing agreements, and understanding the overall value of a property. This not only benefits tenants but also landlords, real estate agents, and potential investors in making informed decisions. Key Features of the Indiana Provision: 1. Usable Area Definition: The provision clearly defines usable area as the total space within a Midtown Manhattan modern office tower that can be occupied or utilized by the tenant. Usable area typically includes office space, corridors, conference rooms, reception areas, and restrooms. 2. Measurement Methodology: The provision dictates a standardized measurement methodology to calculate the usable area. This methodology considers net square footage, excluding common areas, mechanical rooms, and vertical penetrations. This approach ensures that the usable area reflects the actual space usable for office-related activities. 3. Consistency in Measurement Standards: By adhering to the Indiana Provision, Midtown Manhattan modern office towers consistently measure usable area using the same methodology. This allows for fair comparisons between different office spaces and provides clarity in lease agreements, lease renewals, and property valuations. Types of Modern Office Towers Covered by the Indiana Provision 1. High-Rise Office Towers: The Indiana Provision covers high-rise office towers, typically characterized by a significant number of floors, offering a large amount of usable area to tenants. These towers are often equipped with modern amenities, state-of-the-art infrastructure, and attractive architectural designs. 2. LEED-Certified Office Towers: The provision also includes LEED-certified (Leadership in Energy and Environmental Design) office towers, in line with Indiana's commitment to sustainable development. These buildings adhere to environmentally friendly practices, energy efficiency standards, and provide a healthy work environment, further enhancing the value of usable area measurements. 3. Mixed-Use Developments: In addition to traditional office towers, the Indiana Provision may also encompass mixed-use developments that incorporate office spaces alongside residential, retail, or entertainment facilities. These developments bring together a variety of functions and provide an all-inclusive experience for tenants and visitors. In summary, the Indiana Provision utilizing usable area as the measurement standard for Midtown Manhattan Modern Office Towers establishes a consistent and fair method of measuring usable space. By following this provision, landlords, tenants, and investors can accurately evaluate office spaces, negotiate lease agreements, and make well-informed decisions in the dynamic real estate market of Midtown Manhattan.
