This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Oklahoma Provisions Used for Measuring Additional or Option Space In Oklahoma, provisions are in place to determine and measure additional or option space within a property. These provisions are essential for accurately calculating the total square footage and ensuring transparency in commercial and residential real estate transactions. Various types of provisions are employed to address different scenarios and provide clarity for both buyers and sellers. Here, we will explore some commonly used provisions when it comes to measuring additional or option space in Oklahoma. 1. Lease Agreement Definitions: Lease agreements in Oklahoma often include specific definitions related to additional or option space. These definitions aim to clearly outline what constitutes additional space or space that can be optionally leased. They may specify elements like common areas, shared facilities, or specific portions within a property that can be utilized as additional or option space. 2. Rentable vs. Usable Square Footage: Differentiating between rentable and usable square footage is crucial in accurately measuring additional or option space. Rentable square footage includes both the actual usable area and a proportionate share of common areas, such as hallways, lobbies, and restrooms. Usable square footage, on the other hand, refers solely to the space within a tenant's exclusive use. Identifying and understanding these terms within the Oklahoma provisions is vital for determining additional or option space. 3. Expansion Rights: Expansion rights provisions allow tenants to lease additional space within the same property, either during the initial lease term or at a future date specified in the lease agreement. These provisions define the conditions, procedures, and terms under which the tenant may exercise their expansion rights, including issues like rental rates, square footage calculations, and any limitations or exclusions. 4. Option to Extend: Option to extend provisions come into play when a tenant wishes to extend their lease beyond the initial lease term. These provisions allow for the negotiation of additional space to accommodate the tenant's needs during the extended period. Terms related to square footage calculation, rental rates, notice periods, and other essential details are addressed in option to extend provisions. 5. Measurement Standards: Oklahoma follows specific measurement standards when calculating additional or option space. These standards may be outlined by the Building Owners and Managers Association (BOMB) or rely on other recognized industry standards. Discussions and proper adherence to these standards, such as BOMB's "Office Buildings: Standard Methods of Measurement" or "Industrial Buildings: Standard Methods of Measurement," ensure consistency and accuracy in determining the square footage of additional or option space. In conclusion, Oklahoma provisions provide comprehensive guidelines for measuring additional or option space in real estate transactions. Lease agreement definitions, differentiating rentable and usable square footage, expansion rights, option to extend provisions, and measurement standards are some key factors incorporated within these provisions. Familiarity with these provisions is essential for all parties involved in Oklahoma’s real estate market to facilitate fair and transparent negotiations.Oklahoma Provisions Used for Measuring Additional or Option Space In Oklahoma, provisions are in place to determine and measure additional or option space within a property. These provisions are essential for accurately calculating the total square footage and ensuring transparency in commercial and residential real estate transactions. Various types of provisions are employed to address different scenarios and provide clarity for both buyers and sellers. Here, we will explore some commonly used provisions when it comes to measuring additional or option space in Oklahoma. 1. Lease Agreement Definitions: Lease agreements in Oklahoma often include specific definitions related to additional or option space. These definitions aim to clearly outline what constitutes additional space or space that can be optionally leased. They may specify elements like common areas, shared facilities, or specific portions within a property that can be utilized as additional or option space. 2. Rentable vs. Usable Square Footage: Differentiating between rentable and usable square footage is crucial in accurately measuring additional or option space. Rentable square footage includes both the actual usable area and a proportionate share of common areas, such as hallways, lobbies, and restrooms. Usable square footage, on the other hand, refers solely to the space within a tenant's exclusive use. Identifying and understanding these terms within the Oklahoma provisions is vital for determining additional or option space. 3. Expansion Rights: Expansion rights provisions allow tenants to lease additional space within the same property, either during the initial lease term or at a future date specified in the lease agreement. These provisions define the conditions, procedures, and terms under which the tenant may exercise their expansion rights, including issues like rental rates, square footage calculations, and any limitations or exclusions. 4. Option to Extend: Option to extend provisions come into play when a tenant wishes to extend their lease beyond the initial lease term. These provisions allow for the negotiation of additional space to accommodate the tenant's needs during the extended period. Terms related to square footage calculation, rental rates, notice periods, and other essential details are addressed in option to extend provisions. 5. Measurement Standards: Oklahoma follows specific measurement standards when calculating additional or option space. These standards may be outlined by the Building Owners and Managers Association (BOMB) or rely on other recognized industry standards. Discussions and proper adherence to these standards, such as BOMB's "Office Buildings: Standard Methods of Measurement" or "Industrial Buildings: Standard Methods of Measurement," ensure consistency and accuracy in determining the square footage of additional or option space. In conclusion, Oklahoma provisions provide comprehensive guidelines for measuring additional or option space in real estate transactions. Lease agreement definitions, differentiating rentable and usable square footage, expansion rights, option to extend provisions, and measurement standards are some key factors incorporated within these provisions. Familiarity with these provisions is essential for all parties involved in Oklahoma’s real estate market to facilitate fair and transparent negotiations.
