About CoStar Group (CSGP)–Commercial Real Estate Intelligence Provider

About CoStar Group (CSGP)–Commercial Real Estate Intelligence Provider

Commercial Real Estate Glossary

Negotiable (Lease Rate)

Indicates that the Lessor is willing to discuss the rental rate amount.

Neighborhood Center

Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet.

Net Absorption

For existing buildings, the measure of total square feet leased (indicated as a Move-In) less the total space vacated (indicated as a Move-Out) over a given period of time. Sublet space and lease renewals are not factored into net absorption. However, in a lease renewal that includes the leasing of additional space, that additional space is counted in net absorption. Pre-leasing of space in non-existing buildings (Planned, Under Construction or Under Renovation) is not counted in net absorption until actual move in, which by definition may not be any earlier than the delivery date.

New (or Shell) Space

Space that has never been occupied or built out.

Non-Arms Length-Comps

A non-arms length sale is between related parties - Comps does not publish sales between related parties, i.e., spouses, families, companies, etc. Typically, a non-arms length sale does not reflect market value.

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