This office lease form describes provisions for using the area with respect to each office floor, mean the area within the exterior walls of the Building and, in the case of the lobby floor, the area within the demising walls of areas rented or to be rented which is considered floor area .
The Minnesota Provision is a measurement standard utilized in determining the floor area of modern office towers located in Midtown Manhattan. This provision serves as a guideline for calculating the usable space within these structures, ensuring accuracy and consistency across the real estate market. Recognizing the importance of standardized measurements in the commercial property sector, the Minnesota Provision has become a widely adopted practice, aiding in fair comparisons and negotiations between landlords and tenants. Floor area, as defined by the Minnesota Provision, refers to the total interior space that can be utilized within an office tower. It includes both the acceptable space, such as offices, conference rooms, and communal areas, as well as areas dedicated to service facilities like restrooms, storage rooms, and utility rooms. By using this standard, office space seekers can have a clear understanding of the actual usable area they will have access to within a Midtown Manhattan office tower. One of the significant advantages of the Minnesota Provision is its ability to prevent discrepancies arising from different approaches to measuring floor area. Due to market competition and variations in architectural design, different buildings might have distinct methods of measuring their floor area, leading to confusion and potential misrepresentations. With the Minnesota Provision, consistent and accurate measurements can be achieved, ensuring transparency and promoting fair transactions. Moreover, this provision is not limited to a particular type of office tower. It can be applied to various architectural designs and styles, including high-rise buildings, skyscrapers, mixed-use complexes, or even historic buildings that have been renovated to accommodate modern office spaces. The flexibility of the Minnesota Provision allows it to be adjusted appropriately to capture the unique characteristics of different office tower types, further contributing to its widespread adoption. Keywords: Minnesota Provision, floor area, Midtown Manhattan, modern office towers, measurement standard, usable space, commercial property, standardized measurements, real estate market, fair comparisons, negotiations, landlords, tenants, acceptable space, service facilities, standardize measurements, discrepancies, architectural design, high-rise buildings, skyscrapers, mixed-use complexes, historic buildings, renovated spaces.
