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 .
Kentucky Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers Introduction: In the realm of commercial real estate, the term "Kentucky Provision" refers to a regulation that utilizes usable area as the standard for measuring the space in Midtown Manhattan modern office towers. This provision, while specific to Midtown Manhattan, has become a significant aspect of evaluating and classifying office spaces in the local market. By adopting the Kentucky Provision, it ensures a consistent and realistic measurement standard, enhancing transparency and facilitating informed decision-making for prospective tenants, investors, and developers. Let's explore the various types of Kentucky Provision in use within Midtown Manhattan. 1. Kentucky Provision 1.0: Base Usable Area Measurement The first type of Kentucky Provision is known as the Kentucky Provision 1.0. Under this standard, usable area measurements include the actual functioning square footage that is occupied within the office tower. This measurement typically factors in areas such as private offices, workstations, conference rooms, and common spaces used by occupants. It excludes non-office areas like utility rooms and mechanical spaces, ensuring a fair representation of the space available for productive work. 2. Kentucky Provision 2.0: Supplementary Usable Area Measurement The Kentucky Provision 2.0 expands upon the base measurement by considering supplementary usable areas. These may include shared amenities and common facilities within the office tower that are available to all tenants. Examples of such spaces may include lounges, cafeterias, fitness centers, rooftop terraces, and well-equipped conference rooms that are shared by multiple tenants. Including these supplementary areas provides a more comprehensive illustration of the overall value and potential of the office tower. 3. Kentucky Provision 3.0: Accessibility Adjustments The Kentucky Provision 3.0 takes into account the accessibility and convenience factors for tenants when measuring usable area. This provision recognizes that certain areas within the office tower may be less accessible due to structural constraints or limitations posed by the building's design. For instance, areas with unusual shapes, columns obstructing the space, or lower ceiling heights may be adjusted, allowing for a fair comparison of usable areas across different office towers. 4. Kentucky Provision 4.0: Common Circulation Area Inclusion The Kentucky Provision 4.0 incorporates the measurements of common circulation areas, such as hallways, corridors, and entryways, into the usable area calculation. While not directly contributing to individual tenant productivity, these areas affect the overall functioning and efficiency of the office tower. Including them in the measurement allows for a more accurate understanding of the entire office building's usable space and aids in evaluating the building's design and convenience aspects. Conclusion: The various types of Kentucky Provision using usable area as the measurement standard for Midtown Manhattan modern office towers are aimed at enhancing transparency, comparability, and informed decision-making within the local commercial real estate market. By considering factors such as base usable area, supplementary areas, accessibility adjustments, and common circulation spaces, this provision provides a comprehensive and fair representation of the potential workspace available to tenants. Understanding and utilizing these types of Kentucky Provision can greatly assist tenants, investors, and developers in navigating the Midtown Manhattan office market efficiently and effectively.Kentucky Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers Introduction: In the realm of commercial real estate, the term "Kentucky Provision" refers to a regulation that utilizes usable area as the standard for measuring the space in Midtown Manhattan modern office towers. This provision, while specific to Midtown Manhattan, has become a significant aspect of evaluating and classifying office spaces in the local market. By adopting the Kentucky Provision, it ensures a consistent and realistic measurement standard, enhancing transparency and facilitating informed decision-making for prospective tenants, investors, and developers. Let's explore the various types of Kentucky Provision in use within Midtown Manhattan. 1. Kentucky Provision 1.0: Base Usable Area Measurement The first type of Kentucky Provision is known as the Kentucky Provision 1.0. Under this standard, usable area measurements include the actual functioning square footage that is occupied within the office tower. This measurement typically factors in areas such as private offices, workstations, conference rooms, and common spaces used by occupants. It excludes non-office areas like utility rooms and mechanical spaces, ensuring a fair representation of the space available for productive work. 2. Kentucky Provision 2.0: Supplementary Usable Area Measurement The Kentucky Provision 2.0 expands upon the base measurement by considering supplementary usable areas. These may include shared amenities and common facilities within the office tower that are available to all tenants. Examples of such spaces may include lounges, cafeterias, fitness centers, rooftop terraces, and well-equipped conference rooms that are shared by multiple tenants. Including these supplementary areas provides a more comprehensive illustration of the overall value and potential of the office tower. 3. Kentucky Provision 3.0: Accessibility Adjustments The Kentucky Provision 3.0 takes into account the accessibility and convenience factors for tenants when measuring usable area. This provision recognizes that certain areas within the office tower may be less accessible due to structural constraints or limitations posed by the building's design. For instance, areas with unusual shapes, columns obstructing the space, or lower ceiling heights may be adjusted, allowing for a fair comparison of usable areas across different office towers. 4. Kentucky Provision 4.0: Common Circulation Area Inclusion The Kentucky Provision 4.0 incorporates the measurements of common circulation areas, such as hallways, corridors, and entryways, into the usable area calculation. While not directly contributing to individual tenant productivity, these areas affect the overall functioning and efficiency of the office tower. Including them in the measurement allows for a more accurate understanding of the entire office building's usable space and aids in evaluating the building's design and convenience aspects. Conclusion: The various types of Kentucky Provision using usable area as the measurement standard for Midtown Manhattan modern office towers are aimed at enhancing transparency, comparability, and informed decision-making within the local commercial real estate market. By considering factors such as base usable area, supplementary areas, accessibility adjustments, and common circulation spaces, this provision provides a comprehensive and fair representation of the potential workspace available to tenants. Understanding and utilizing these types of Kentucky Provision can greatly assist tenants, investors, and developers in navigating the Midtown Manhattan office market efficiently and effectively.
