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 .
The Minnesota Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers is a regulation that governs the calculation and disclosure of office space sizes in commercial buildings located in Midtown Manhattan, New York City. This provision sets a standardized method for measuring usable area, which is a crucial factor in determining the rental or sale value of commercial properties. Under the Minnesota Provision, usable area is defined as the floor area that is exclusively available for the tenant's occupancy and use. It excludes common areas such as corridors, lobbies, restrooms, mechanical spaces, and stairwells. This standard ensures that tenants accurately understand the actual space available for their specific needs. By adopting the Minnesota Provision, developers, landlords, and real estate professionals in Midtown Manhattan must adhere to a consistent and transparent measurement standard. This minimizes discrepancies and enables fair comparisons between different office spaces. Prospective tenants can confidently assess the efficiency and value of each property while making informed decisions based on accurate size calculations. Midtown Manhattan, being one of the most prestigious and sought-after office markets globally, has diverse types of office towers governed by the Minnesota Provision. These include: 1. High-rise Modern Office Towers: These are tall buildings with multiple floors and advanced infrastructure, equipped with modern amenities and technologies to meet the highest standards of functionality, comfort, and efficiency. They often feature sleek architectural designs and offer expansive views of the Manhattan skyline. 2. LEED-Certified Office Towers: Some modern office towers in Midtown Manhattan have obtained Leadership in Energy and Environmental Design (LEED) certification. These buildings are designed and constructed with a strong focus on sustainability, energy efficiency, and occupant well-being, meeting rigorous environmental standards set by the U.S. Green Building Council. 3. Mixed-Use Office Towers: Midtown Manhattan also boasts mixed-use office towers that combine commercial office spaces with other facilities such as retail, residential units, hotels, or conference centers. These integrated structures offer convenience and a vibrant environment, providing a live-work-play atmosphere. 4. Boutique Office Towers: As alternatives to larger developments, boutique office towers in Midtown Manhattan are characterized by their smaller size, unique architecture, and specialized design. These buildings often cater to specific industries or tenants seeking a more personalized and exclusive work environment. The Minnesota Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers serves as an essential guideline in the highly competitive commercial real estate market. Its consistent implementation ensures transparency, fairness, and accuracy in determining the usable area, enabling businesses to make informed decisions when selecting office spaces suitable for their operational needs and growth.
