print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News
About

Commercial Real Estate Glossary

Sale Leaseback
The sale of a property by its owner to another party and the subsequent leasing back of the property by the seller. A tactic that allows a property owner to convert his properly ownership (equity) into cash while still occupying the property.
SCIF
(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 especially government entities, i.e., FBI, CIA, NSA, and DHS. These facilities must meet official government requirements for a secure area where classified information is handled.
Secondary Contact
The second highest-ranking officer for the tenant or the highest-ranking officer on a national level.
Service
A secondary type of industrial building where trucks, forklifts, or other types of vehicles are serviced or maintained.
Services
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.
SF Occupied
The total square feet occupied by the tenant.
SF Transaction
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.
SF/Employee
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.
Shallow Bay Industrial
A type of medium sized Industrial distribution or manufacturing facility where the bay depth is typically between 120' -- 200'. Clear height is generally between 18' -- 24' and office area varies.
Shell Condition
A new building delivered to the market without tenant improvements. There are many different types of "shell" definitions depending on the particular market, i.e., warm shell, cold shell, etc.
Shopping Center
A shopping center is primarily a group of retail stores that are planned, developed, owned, and managed as a single property, with on-site parking provided. CoStar further qualifies that a shopping center must have three or more stores. Some shopping centers may also include residential (multi-family) and/or office space. The center's size and orientation is generally determined by the market characteristics of the trade area served by the center. The following are the primary center types: Strip/Convenience, Neighborhood, Community, Regional, Super-Regional, Outlet, Power Center, Theme/Festival, Life Style, and Airport Retail. Please refer to the ICSC overview for details.
Short Sale
When a sale price is less than the amount owed to the lender and the lender accepts this amount as full payment of the loan. Those funds not repaid to the lender will be written off.
Showroom
A building area specifically designed for merchandise display. Examples would be furniture, or clothing and apparel.
Shuttle to Train
Some building owners provide shuttle-bus service to public transportation nodes.
SIC Code/Description
The four-digit Standard Industrial Classification (SIC) code and description of the four-digit SIC.
Signed Date
The date the tenant's lease was signed.
Single Tenant
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.
Site Plan Approved
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."
Skylights
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.
Soil Contamination Issue
The introduction of a hazardous material into the ground. This includes: Landfills, LUST, Toxic Waste, Oil Spill, Hydrocarbons, Metals, Solvents, etc.
Space Type
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.
Space Use
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.
Specialty Secondary Types
Cemetery/Mausoleum: Any kind of burial ground. This may include a building designed for entombment of the dead above ground.

Correctional Facility: A federal, state, or local facility for incarceration of criminals.

Lodge/Meeting Hall: A building designed to be used as a lodge or meeting hall featuring a large open room with possibly a stage area. May also have kitchen facilities, outdoor patio/yard, etc. Typically these are older buildings built specifically for veteran or fraternal organizations such as American Legion, VFW, Elks, Masonic Lodge, etc.

Marina: A property with docks or basin providing secure moorings and or slips for motorboats, sailboats, and yachts. May provide stores/supply, repair, fueling station/dock, and other facilities, including a restaurant, motel, or convenience store.

Movie/Radio/TV Studio: An industrial zoned property used as a radio station, TV station, or movie studio.

Police/Fire Station: A facility built as a Police or Fire station.

Post Office: A federal facility for receiving and shipping postal items.

Public Library: A city or county facility for housing books and other reference materials.

Radio/TV Transmission Facility: A property with radio/TV transmission tower(s), usually there is no building or maybe a small one.

Recycling Center: A collection point for recycled materials.

Religious Facility: A property built specifically as a church with the main building designed as a place of worship. May include residences, classrooms, a meeting hall, and kitchen facilities.

Schools: A property built specifically as a school facility with individual classrooms, offices, etc. may include library, auditorium, cafeteria, gym, playground, and playing fields. Typically a private grade, middle or high school, vocational or trade school, private college.

Shelter: An establishment that provides protection, as from danger. Generally temporary housing for a particular group of people, such as homeless people, abused women, recovering addicts, etc.

Sorority/Fraternity House: A house used as a residence by a chapter of a fraternity or sorority.

Trailer/Camper Park: Also known as campground or RV Park. These properties provide sites/spaces to accommodate trailers, campers, RV's and tents. Stays can range from overnight to extended periods. Facilities may include pool, recreational activities, showers, laundry, and convenience store.

Water Retention Facility: A public drinking water storage facility, either above or below ground.

Winery/Vineyard: A winery is a facility for storage and processing of grapes into wine. A vineyard is the land area used for growing the grapes.
Sports & Entertainment
Amusement Park: This property use includes all types of fun centers and amusement park facilities that may include: miniature golf, batting cages, various rides, indoor/outdoor arcades, water slides miniature car racing, etc.

Baseball Field: Any type of sports field including but not limited to Soccer, Softball, Baseball, Football, Lacrosse, etc.

Casino: Stand-alone casino with or without hotel.

Golf Course/ Driving Range: All golf courses (excluding miniature golf) and/or driving ranges. Includes Pitch & Put, 9-hole, 28-hole, 36-hole and may have pro-shop, restaurant, country club facilities, etc.

Horse Stables: Facilities designed and built for boarding and care of horses. May also include a timing facility for off-season work outs.

Race Track: Any type of racetrack: car motorcycle, horse, dog, etc.

Skating Rink: A facility specifically designed and built for ice skating or roller skating.

Swimming Pool: A facility that contains a swimming pool(s) for public use. May be inside or outside.

Theater/Concert Hall: This property type may include one or more of the following: live stage theater, playhouse, concert hall, and amphitheater.
Sprinkler
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).
SRO Single Room Occupancy
Multi-story older buidlings typically found in a dense urban setting containing residential apartment units that do not have private bathrooms and cooking facilities; often rented on a weekly basis.
Status
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.
Stories
The number of floors in the building above grade.
Strip Center
A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape.
Sublet Space
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.
Submarket
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.
Suite No.
The tenant's main suite number within the building.
Super Regional Center
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.
Super Regional Mall
Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels.

Next Steps

 888-226-7404

 Email Us

Customer Support

Hours of Operation

Phone and email support is available Monday through Friday from 8:00 AM to 8:00 PM ET and Saturday from 9:00 AM to 6:00 PM ET.

Free Training

Always Available

CoStar subscribers receive free training.  Call 888-226-8384 to schedule a session now.