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Commercial Real Estate Glossary

Mail Room
Indicates that the building has a mail room.
Manufacturing
A sub-type of an industrial building primarily used for manufacturing products. May also include warehousing or distribution areas.
Map Book Coordinates
Local map book coordinates are assigned for buildings in markets where this reference source is available and heavily used by the real estate industry. Information stored for a CoStar property references the page number of a map book and the location coordinates, which allow the property to be located on the map.
Market
Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region. Markets can be further subdivided into Submarkets.
Market Rent
The rental income that a property would most probably command in the open market.
Marketing Suite
The leasing agent and/or owner have set up an on-site marketing suite to aid leasing efforts. The leasing agent may tour the vacant space with prospective tenants and then meet in the suite to discuss or view other details such as the typical suite finishes.
Medical
Indicates space that is used exclusively for medical tenants. The build-out of the space has been configured especially for medical tenants. It will contain a greater number of wet stacks and have special power requirements for doctor's offices. Generally only leased to medical users.
Medical Building
Special purpose multi- or single-tenant facilities with more than 50% of the demised space suitable for medical uses such as general practice, dental, surgical or other practices utilizing interior improvements not generally found in business support facilities are known as medical properties. Prominent physical characteristics include a greater number of wet stacks and special power requirements used for laboratory testing and other medical procedures common in doctors' offices. A notably high parking ratio usually accompanies the space. This sub-type of office property is generally leased to medical users only.
Metal Halide
A type of reflective light fixture used to maximize lighting. Metal halide lighting provides the highest performance in terms of energy, efficiency, light quality, light output and lamp life. Metal halide is commonly used to retrofit incandescent, fluorescent and high pressure sodium lighting systems. Without the heat associated with incandescent light, metal halide lamps produce light three to five times more efficiently than incandescent lamps. For an equivalent amount of energy, metal halide produces five times the amount of light. They emit a natural white light, rather than the yellow light of high pressure sodium. These lights are typically found in all types of Industrial and Commercial structures.
Metro/Subway
Indicates the building has access to a Metro or subway stop. In urban areas such as Manhattan or downtown Washington, direct access must be available (across the street from a stop does not qualify). In suburban areas, the stop must be within reasonable walking distance.
Mezzanine
A section of the building where an additional level has been created, usually for office use.
Mixed-Use
Buildings that incorporate multiple uses within a single structure. The range of uses may include two or more of the following: office, hotel, retail (a major retail center, not just an office building with first floor retail space), residential and recreational/cultural.
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.
Month/Year Built
Identifies the month and year the structure was completed.
Motel
A building or group of buildings located on or near a highway and designed to serve the needs of travelers by car offering lodging and parking; may also provide other services and amenities, e.g., telephones, food and beverages, meeting and banquet rooms, recreational areas, swimming pool, shops.
MSA
Metropolitan Statistical Area. A geographic area with a large population nucleus and includes adjacent counties which have a high degree of economic and social integration with that nucleus. A MSA with a population of more than one million, may qualify to be classified as a Primary Metropolitan Statistical Area (PMSA).
Multi-Family (Apartments)
Structure(s) typically containing five or more dwelling units that may also include common areas and facilities, e.g., entrances, lobby, elevators or stairs, mechanical space, walks, grounds, recreational facilities, and parking both covered and open.
Multi-Family (Apts) Style
1-3 Stories, 4 or more buildings = Garden
1-3 Stories, 1-3 buildings = Low-Rise
4-14 Stories, 1 or more buildings = Mid-Rise
15+ Stories, 1 or more buildings = High Rise

Multi-Tenant
Any type of building designed to accommodate two or more tenants.