(Secured Compartmental Information Facility or Sensitive Compartmented Information Facility) Highly secure space containing such features as soundproofing, no windows, special hatches instead of doors, etc. Required by firms that deal in sensitive industries such as defense contractors or law firms, and government entities (FBI, CIA, NSA).
The second highest-ranking officer for the tenant or the highest-ranking officer on a national level.
Seller’s Capitalization Rate is the historical NOI divided by the Listing Price. 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.
A secondary type of industrial building where trucks, forklifts, or other types of vehicles are serviced or maintained.
Double Net: Lessee pays for two of the building expenses; the landlord and lessee determine these.
Full Service: A rental rate that includes normal building standard services as provided by the landlord within a base year rental.
Industrial Gross: A type of Modified Gross lease where the tenant pays one or more of the expenses in addition to the rent. Exact details must be confirmed for each lease.
Modified Gross: Modified Gross is a general type of lease rate where typically the tenant will be responsible for their proportional share of one or more of the expenses. The Lessor (landlord) will pay the remaining expenses. For example: Plus Electric means the tenant pays rent plus their own electric expense, or Plus Janitorial means the tenant pays the rent plus their own janitorial expense. Both of these are types of Modified Gross Leases, which may vary from tenant to tenant.
Negotiable: Used when the leasing contact does not provide the service type.
Plus All Utilities: A type of Modified Gross Lease where the tenant is responsible for their proportional share of utilities in addition to the rent.
Plus Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of cleaning in addition to the rent.
Plus Electric: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical cost in addition to the rent.
Plus Electric & Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical and cleaning cost in addition to the rent.
Plus Utilities and Char.: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the utilities and cleaning cost in addition to the rent.
TBD: To be determined; used for buildings for which no services are known because the buildings are not yet built.
Tenant Electric: Lessor pays for all services and Lessee is responsible for their usage of lights and electrical outlets in the space they occupy.
Triple Net (NNN): A lease in which the tenant is responsible for all expenses associated with their proportional share of occupancy of the building.
The total square feet occupied by the tenant.
Each time a tenant changes the amount of space they occupy, it is called a "transaction" in CoStar Tenant. SF Transaction is the square footage involved in the change. For example, if a tenant's original lease is for 10,000 square feet, the SF Transaction is 10,000 and the square footage actually occupied by the tenant (SF Occupied) is 10,000 square feet; if, at a later point in time, they expand by 3,000 square feet to now occupy a total of 13,000 square feet, the SF Transaction for this change will show 3,000 and the SF Occupied will show 13,000.
The average number of square feet per employee based on the total square feet occupied divided by the number of employees at this location. This does not apply to tenants in industrial buildings.
A building area specifically designed for merchandise display. Examples would be furniture, or clothing and apparel.
Some building owners provide shuttle-bus service to public transportation nodes to offset a fringe location.
The four-digit Standard Industrial Classification (SIC) code and description of the four-digit SIC.
The date the tenant's lease was signed.
A building occupied by one tenant only. If an entire building is available for lease with a future availability date, or if one company leases a vacant building, then it is single-tenanted.
Applies to proposed buildings only. This indicates to prospective tenants that construction plans have been approved by local governing agencies and that construction can begin when a prelease is signed (pending financing). When a proposed building goes under construction, this amenity is "unselected."
Primarily used in Industrial or "Big Box" buildings in roofs/ceilings to allow natural light into interior spaces. Can be used in other types of structures as well.
The options are as follows:
Direct: This is the same as "Relet" - used in the NY region.
New: Space that has never been occupied or built out
Relet: Space that was previously built out or occupied, but the lease has expired and the building owner is releasing it.
Sublet: Space that is currently leased, but that the lessee wishes to sublease. This is an important distinction, since sublease space is already occupied and therefore it is not counted in the vacancy rate.
How the current tenant uses the occupied space. The options are as follows: Office: This space is used for office purposes. Industrial: Space used exclusively for industrial purposes. Retail: Space is used for retail purposes. Medical: Space is used exclusively or primarily for medical offices. Medical offices require special services, laboratory support, etc. They also require a large number of visitors' parking space. Medical space is considered a subset of office space and is counted as such. Flex: the type of space is only found in Flex buildings. It can be used as office, warehouse storage space, for quasi-retail or research and development. Warehouse: A subset of Industrial and Flex space, warehouse space is used exclusively for storage.
This indicates whether the building has a sprinkler system and if so, what type it has. A "Wet" system means the pipes are fully charged with water. A "Dry" system indicates that water is not in the pipes; a shut-off valve with a pump regulator controls the water pressure. If a fire starts and at a certain temperature, the solder melts away and releases water into the pipes. "None" means the building does not have sprinkler system. "ESFR" is an early suppression fast response system that will concentrate releasing water only where it senses a fire. "Yes" means there is a sprinkler system, but its type is has yet to be confirmed (wet, dry, ESFR).
The options include: Demolished: Land where a building did exist, but it has been torn down. Existing: Buildings that are completed and ready for occupancy. Proposed: Buildings with complete site and architectural plans, and that have a specific completion date set, but that are not yet under construction. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. Under Renovation: Buildings which current are unoccupied because they are in a state of renovation. Either they are waiting for building certificates or are currently under reconstruction.
The number of floors in the building above grade.
Space that is being marketed or vacated by a tenant whose lease with the building owner has not yet expired. The tenant will attempt to find a subtenant to resume the remaining term of the lease.
Submarkets are divisions of the primary market that are generally recognizable to the real estate industry and the business community by the names given to the areas. Submarkets are defined by specific geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Submarkets are building type-specific and are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the entire market. They contain a number of properties sufficient to provide meaningful information for aggregate statistics.
The tenant's main suite number within the building.
Provides for an extensive variety of general merchandise. It is built around three or more major department stores. In theory, a super regional center has a GLA of 750,000 square feet; and in practice, this ranges upwards of 1,000,000 square feet. The major anchor department stores generally have a square footage of 100,000 square feet each.
|