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Commercial Real Estate Glossary

NBI
New build-out installation
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 occupied (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.
Net Operating Income NOI
The actual or anticipated rental income remaining after all operating expenses are deducted from effective gross income, but before debt service and capital expenditures are deducted.
New (or Shell) Space
Space that has never been occupied or built out.
Non-Arms Length-Comps
A non-arms length sale is typically between related parties. Although Comps does publish sales between related parties, i.e., spouses, families, companies, etc, they are identified as non-market transactions. Typically, a non-arms length sale does not reflect market value.
Note Purchase
When a buyer gains an ownership position by purchasing the note (Loan) and not the property directly. Often this occurs prior to Foreclosure, after which the buyer takes over the property.

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