An on-site branch or ATM is located in the building or building park.
Retail secondary type. This property use includes all types of drinking/entertainment uses such as bars, cocktail lounges, taverns, and nightclub/dancing establishments. May have limited kitchen facilities and food menu.
When a tenant is responsible for paying a portion of the operating expenses as part of a lease agreement. Typically, the "base year" is the tenant's first year of occupancy. The expense amount for that first year becomes the owner's "base year expense stop". That is the maximum amount of expenses the owner will pay over the life of the lease per year. Any expenses in future years, which exceed the stop, are "passed through" to the tenant in addition to the rent. Passthroughs are also formally known as Recovered or Recaptured Expenses.
A large stand-alone store that specializes in a single line of products, such as home improvements, toys, or office supplies; no-frills discount stores that sell in volume and category killers are often big box stores.
A building or space that has been built-out for extensive laboratory use. Such space may have, but is not limited to, extensive steel frame with concrete floors to handle additional floor loading, extremely high floor separations allowing extensive mechanical equipment "runs" above the suspended ceiling and below the floor structure above, high speed data access, heavy duty HVAC, higher roof loading capacity to support heavy air handling equipment, and enhanced environmental control technology. This space may also be designated a "clean room" for handling materials with high tolerances and contamination requirements.
See also: Amenities, Secondary Type
Block and Lot refers to the system of identifying property on a jurisdiction's tax map for assessment purposes. City blocks comprised of individual, unique lots. It also identifies a type of legal description typically used in urban areas.
Building Owners and Managers Association Standard. Since 1915, the BOMA Standard has been the only floor measurement method for commercial real estate approved by the American National Standards Institute (ANSI). These Standards present a calculation methodology in an effort to insure accurate comparisons between buildings. They are, however, only guidelines and not a law or enforceable regimen, as is commonly thought. A must for building owners, managers, facilities managers, tenants, appraisers, architects, leasing professionals, lending institutions and others when calculating leases, allocating building expenses to cost centers, or comparing occupancy.
Indicates whether or not the property was developed specifically for a company to occupy. The opposite of a build-to-suit is a spec property that speculates future tenant occupancy.
Indicates what types of materials were used to construct the frame of the building. The construction types are: Brick & Block, Brick & Glass, Brick & Steel, Brick & Timber, Concrete, Concrete Brick, Poured in Place, Pre-Cast, Reinforced Concrete, Reinforced Mason, Split-Face Block, Steel, Steel & Concrete, Steel & Glass, Steel & Concrete Slabs, Tilt-Up, Wood Frame.
The total square footage of space that is available for lease or sale within a building, regardless of space type or use.
The office building class designation is a way of differentiating buildings of the same building type into different categories of quality. These classes represent a combination of a subjective and objective quality rating of buildings that indicates the competitive ability of each building to attract similar types of tenants. Assigning class codes allows us to compare individual buildings within a market as well as across markets, and also to compare office market conditions between areas in peer groups. For the purposes of comparison, CoStar groups office buildings into four classes. The options are Class A, B, C, or F, with assignment depending on a variety of building characteristics, such as total rentable area, age, building finishes and materials, mechanical systems standards and efficiencies, developer, architect, building features, location/accessibility, property manager, design/tenant layout, and much more. Once assigned, a building's class reflects not only characteristics and attributes evaluated objectively, but also the subjective evaluations of finishes and amenities.
Typically the fixed, variable or operating, and reserve expenses for the normal operation of the property.
The name of the complex in which the building is located.
When the leasing representatives for the property are recognized by a sign in-front of the building, the company information is entered in this field, along with the primary company field. Building signage is gathered and confirmed by CoStar's field research efforts.
See Gross Building Area, Usable Area, Common Area, and Rentable Building Area.
Electricity conducting copper bars that run along the ceilings for efficiently hooking up machinery. Each section can have multiple connections and can be shut off.
Buyer’s Capitalization Rate is historical NOI divided by the Sale Price – best case is to report the anticipated NOI; however, this is very difficult to obtain. Most important is identification in external notes of which numbers we’ve used so that if a market participant attempts to analyze our data they have a clear understanding of what we used and why.
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