This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Phoenix Arizona provisions used for measuring additional or option space are essential tools for the real estate industry in the area. These provisions serve to accurately determine the measurement and allocation of spaces beyond the primary area of a property. Whether it's for commercial, residential, or industrial properties, these measurements play a crucial role in lease agreements, property valuations, and overall property management. Some commonly used provisions for measuring additional or option space in Phoenix Arizona include: 1. Gross Leasable Area (GLA): GLA is the total floor space that can be occupied for lease, which includes both the primary space and any additional areas. It encompasses all leasable areas, such as retail showrooms, offices, hallways, restrooms, and storage spaces. 2. Rentable Square Footage (RSF): RSF represents the total square footage that a tenant pays rent for, which includes their exclusive space and a proportional allocation of common areas within a building. It accounts for shared spaces like lobbies, corridors, elevators, and restrooms, spreading those costs among all tenants. 3. Usable Square Footage (USF): USF refers to the actual space that a tenant has exclusive control over, including offices, storage areas, and any other usable rooms. It does not include common areas or shared spaces. 4. Common Area Factor (CAF): CAF is a factor used to determine the rentable square footage by incorporating common areas. It is typically expressed as a percentage and is calculated by dividing the total common area square footage by the total leasable square footage. 5. Option Space: Option space refers to additional areas within a property that may be utilized by the tenant if needed or desired at a later stage. These spaces are often included in lease agreements as potential expansion areas, giving tenants the flexibility to expand their operations in the future. These provisions are crucial in ensuring transparency and fairness in lease agreements, as they determine the accurate measurement and allocation of space and associated costs. Prospective tenants, property owners, and real estate professionals in Phoenix Arizona rely on these measurements to make informed decisions related to leasing, property valuation, and overall property management.Phoenix Arizona provisions used for measuring additional or option space are essential tools for the real estate industry in the area. These provisions serve to accurately determine the measurement and allocation of spaces beyond the primary area of a property. Whether it's for commercial, residential, or industrial properties, these measurements play a crucial role in lease agreements, property valuations, and overall property management. Some commonly used provisions for measuring additional or option space in Phoenix Arizona include: 1. Gross Leasable Area (GLA): GLA is the total floor space that can be occupied for lease, which includes both the primary space and any additional areas. It encompasses all leasable areas, such as retail showrooms, offices, hallways, restrooms, and storage spaces. 2. Rentable Square Footage (RSF): RSF represents the total square footage that a tenant pays rent for, which includes their exclusive space and a proportional allocation of common areas within a building. It accounts for shared spaces like lobbies, corridors, elevators, and restrooms, spreading those costs among all tenants. 3. Usable Square Footage (USF): USF refers to the actual space that a tenant has exclusive control over, including offices, storage areas, and any other usable rooms. It does not include common areas or shared spaces. 4. Common Area Factor (CAF): CAF is a factor used to determine the rentable square footage by incorporating common areas. It is typically expressed as a percentage and is calculated by dividing the total common area square footage by the total leasable square footage. 5. Option Space: Option space refers to additional areas within a property that may be utilized by the tenant if needed or desired at a later stage. These spaces are often included in lease agreements as potential expansion areas, giving tenants the flexibility to expand their operations in the future. These provisions are crucial in ensuring transparency and fairness in lease agreements, as they determine the accurate measurement and allocation of space and associated costs. Prospective tenants, property owners, and real estate professionals in Phoenix Arizona rely on these measurements to make informed decisions related to leasing, property valuation, and overall property management.
