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 .
Washington Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: A Detailed Description Keywords: Washington provision, usable area, measurement standard, Midtown Manhattan, modern office towers. Introduction: The Washington Provision is a set of guidelines used in Midtown Manhattan, specifically for modern office towers, to determine usable area measurements. This provision ensures consistent and accurate measurements, allowing potential tenants to evaluate spaces efficiently. The following description provides an overview of the Washington Provision and its application in Midtown Manhattan's modern office towers. 1. Definition and Purpose: The Washington Provision is a standardized method developed by regulatory bodies and real estate professionals in Washington, D.C. The purpose is to establish a uniform measurement standard for calculating the usable area of office spaces. It aims to eliminate discrepancies and provide a fair basis for comparing and leasing office spaces. 2. Usable Area Measurement: Under the Washington Provision, usable area refers to the space within an office tower that is accessible, functional, and suitable for occupancy by tenants. It includes occupied areas as well as areas dedicated to utilities, circulation, and service. However, certain exclusions may apply based on specific property characteristics. 3. Calculation Parameters: The usable area is measured from the interior faces of the dominant portion of the surrounding walls, excluding columns and other significant obstructions. The measurement also excludes common areas, mechanical floors, and vertical penetrations such as elevator shafts and stairwells. 4. Application in Midtown Manhattan's Modern Office Towers: In Midtown Manhattan's modern office towers, the Washington Provision serves as a key determinant for leasing office spaces. It ensures consistency and reliability in measuring usable areas across different properties, enabling accurate comparisons and fair negotiations between landlords and tenants. Types of Washington Provision Using Usable Area as the Measurement Standard: 1. Core and Shell Tenancy: The Washington Provision is applied in core and shell tenancies, where landlords provide the basic structure and essential building systems. It determines the usable area that tenants can exclusively utilize for interior fit-outs. 2. Rentable Area Determination: Washington Provision is also employed to calculate the rentable area of office spaces within Midtown Manhattan's modern office towers. The usable area measurement is employed as a basis for determining the rental value per square foot, which includes the tenant's share of common areas and other amenities. 3. Compliant Leasing Procedures: Landlords and property managers in Midtown Manhattan adheres to the Washington Provision guidelines for leasing procedures. It ensures transparency and accuracy in presenting available spaces to potential tenants, promoting fair negotiations and improved tenant satisfaction. Conclusion: The Washington Provision serves as a vital measurement standard for determining usable area in Midtown Manhattan's modern office towers. Through its application, potential tenants can confidently assess and compare office spaces, while landlords can accurately present available areas to attract tenants. This provision enhances transparency and consistency within the real estate market, ensuring fair leasing procedures and improved tenant-landlord relationships.Washington Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: A Detailed Description Keywords: Washington provision, usable area, measurement standard, Midtown Manhattan, modern office towers. Introduction: The Washington Provision is a set of guidelines used in Midtown Manhattan, specifically for modern office towers, to determine usable area measurements. This provision ensures consistent and accurate measurements, allowing potential tenants to evaluate spaces efficiently. The following description provides an overview of the Washington Provision and its application in Midtown Manhattan's modern office towers. 1. Definition and Purpose: The Washington Provision is a standardized method developed by regulatory bodies and real estate professionals in Washington, D.C. The purpose is to establish a uniform measurement standard for calculating the usable area of office spaces. It aims to eliminate discrepancies and provide a fair basis for comparing and leasing office spaces. 2. Usable Area Measurement: Under the Washington Provision, usable area refers to the space within an office tower that is accessible, functional, and suitable for occupancy by tenants. It includes occupied areas as well as areas dedicated to utilities, circulation, and service. However, certain exclusions may apply based on specific property characteristics. 3. Calculation Parameters: The usable area is measured from the interior faces of the dominant portion of the surrounding walls, excluding columns and other significant obstructions. The measurement also excludes common areas, mechanical floors, and vertical penetrations such as elevator shafts and stairwells. 4. Application in Midtown Manhattan's Modern Office Towers: In Midtown Manhattan's modern office towers, the Washington Provision serves as a key determinant for leasing office spaces. It ensures consistency and reliability in measuring usable areas across different properties, enabling accurate comparisons and fair negotiations between landlords and tenants. Types of Washington Provision Using Usable Area as the Measurement Standard: 1. Core and Shell Tenancy: The Washington Provision is applied in core and shell tenancies, where landlords provide the basic structure and essential building systems. It determines the usable area that tenants can exclusively utilize for interior fit-outs. 2. Rentable Area Determination: Washington Provision is also employed to calculate the rentable area of office spaces within Midtown Manhattan's modern office towers. The usable area measurement is employed as a basis for determining the rental value per square foot, which includes the tenant's share of common areas and other amenities. 3. Compliant Leasing Procedures: Landlords and property managers in Midtown Manhattan adheres to the Washington Provision guidelines for leasing procedures. It ensures transparency and accuracy in presenting available spaces to potential tenants, promoting fair negotiations and improved tenant satisfaction. Conclusion: The Washington Provision serves as a vital measurement standard for determining usable area in Midtown Manhattan's modern office towers. Through its application, potential tenants can confidently assess and compare office spaces, while landlords can accurately present available areas to attract tenants. This provision enhances transparency and consistency within the real estate market, ensuring fair leasing procedures and improved tenant-landlord relationships.
