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

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

Commercial Real Estate Glossary

Under Construction

Under construction refers to the total square footage of buildings that are being constructed. Under Construction is defined as the time from pouring the foundation until the Certificate of Occupancy is received. Under construction space is considered new space (as opposed to relet space).

Under Renovation

Buildings that are currently unoccupied because they are in a state of renovation. Either they are waiting for building certificates or are currently under reconstruction. A building, which has been completely restored so that the existing space becomes "new" space again, is considered Renovated. This is the date of the last major renovation. Minor renovations, such as the improvement of a building's lobby or exterior are not considered a full building renovation, and they may be counted as remodeled (cosmetic change), rehabbed (make necessary repairs or updating building materials) or restored (restores a building to its original condition or condition at a certain date).

Unimproved Property-Land

Potential site for development. No plans have been made to develop the land, but it is for sale to someone who would develop it for industrial, retail, or commercial use.

UnPublished-Comps

Properties that have sold but information regarding the transaction are still being confirmed/researched.

Update Results

Indicates the results of the most recent attempt by a CoStar researcher to update the information on this tenant. The options are as follows: Full Update: Spoke with tenant, verified information, including lease terms. Partial Update: Spoke with tenant, verified the following information: tenant name, address, phone number, primary contact name/title/mailing address, secondary contact name/title/mailing address (if applicable), number of employees at that location and sic code. May be more information was verified but not the lease terms (lease terms must verified in order to be considered a full update). Response Refused: Tenant refused to answer any questions. Answering Machine: Calling tenant resulted in nothing but an answering machine. Left messages but never received a return call. No Answer: Calling tenant never even resulted in an answer. Answering Service: Calling tenant resulted in nothing but reaching an answering service. Left messages but never received a return call. Voice Mail: Calling tenant resulted in nothing but voice mail. Left messages but never received a return call. Field Research: The tenant was identified as occupying this space during our field research process. No phone calls have been made yet to occur tenant information.

Usable Building Area

This consists of the space that the tenant will actually occupy in a building. The usable area on a single floor may vary depending upon corridor configurations, whether the floor is a single tenant or multiple tenant occupancy, etc. It is the rentable area minus the common areas of the floor such as lobbies, hallways, and bathrooms.

Use Code

In CoStar Comps, a grouping of similar building uses under a specific building type, i.e., Office is the building type and O02 in a use code that specifically identifies Low-Rise 1-3 stories. Developed to make searching for building sales easier.

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