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Building Class
Leasing
More Leasing
Construction
Financial
200
The number of classes of office buildings
What is three classes?
200
The actual space you can occupy in a commercial rental property
What is usable square footage?
200
Written document that addresses the negotiated lease terms agreed to between landlord and tenant before creating the lease document
What is a letter of intent (LOI)?
200
Money made available to a tenant to build out their space that has a limit that they cannot exceed
What is a tenant improvement allowance?
200
Revenue minus all operating expenses
What is Net Operating Income (or NOI)?
400
Class of the highest end buildings
What is class A?
400
These are negotiatiated into leases - examples include free rent, free parking, tenant improvements
What are concessions?
400
If leasing an entire floor, hallways and restrooms are included in this measurement
What is rentable square footage?
400
Referred to as the “brick and mortar costs” - costs of the physical construction of a space
What are hard costs?
400
Financial category that includes repairs and maintenance, utilities and cleaning expenses
What are operating expenses?
600
More of this can be charged in higher class buildings
What is rent?
600
Type of lease where tenant pays base rent and then separately pays their share of operating expenses and real estate taxes
What is a net lease?
600
The result of dividing the total floor area by the usable square footage
What is the common area factor?
600
These types of costs may be capped in a lease as part of an allowance 
What are soft costs?  (Especially if the lease allows for some of an allowance to be spent on furniture or computer equipment)
600
Financial category that includes leasing commissions, tenant improvements and really big projects like roof replacements or lobby renovations
What are capital improvements?
800
How the classes of building are identified
What is “A, B & C”?
800
The total space that can be occupied in a building plus shared space (lobbies, hallways, restrooms, etc.)
What is rentable square footage?
800
Tenants pay for utilities, repairs and maintenance and management fees through these charges
What are “operating expenses”?
800
Landlord will build a space for a tenant to a specified plan
What is a turnkey build out?
800
Financial category that includes base rent, parking income, and service fees
What is income or revenue?
1000
Factors that determine building class
What is age, amenities, wear and tear, services, location?
1000
Type of lease where tenant’s rent includes base rent, operating expenses and taxes - usually has a base year
What is a gross lease?
1000
The net change in occupied space in a market or building between now and a prior period
What is net absorption?
1000
Examples include costs for architectural and engineers
What are soft costs?
1000
Financial category that includes management fees, insurance and G&A expenses
What are non-operating expenses?