Office space is either considered Divisible — a larger space that can be divided into smaller code-compliant parcels — or Non-Divisible. If a space is listed as Divisible, then the smaller component spaces are referred to as Associated Parcels, which are subdivisions of the parent, Divisible space.
Our space calculation tool addresses an internal circulation factor commonly used to account for hallways and circulation paths within your space. This can vary dramatically depending on how efficient a layout that can be accomplished within a given building footprint.
Our space calculator uses a 40% circulation factor to help you calculate, conservatively, your total space needs given your desired space configuration.
A building’s load factor is the multiplier applied to a tenant’s usable square footage (USF) that accounts for the tenant’s proportionate share of the building’s common areas (e.g., restrooms, elevator lobbies, mechanical rooms or corridors). The load factor is applied by the Landlord to the USF and the result is the rentable square footage (RSF).
The load factor is important when comparing buildings — it can vary significantly and it goes directly to the bottom line. In griddig, we’ve assumed an average, conservative 20% load factor.
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The total space for which Tenants pay rent and Landlords collect rent.
The rentable square footage of a Premises equals the usable square footage (USF) plus the Tenant’s proportionate share of the Building’s common areas — such as the Building lobby, public corridors, restrooms and mechanical areas — associated with the Premises. However, defining common areas can often be tricky and highly subjective.
On griddig, we designate five categories of Space Condition:
Shell or “raw” space does not have any improvements — from its floor to the plenum (the underside of the floor above).
There are many variations of this condition, therefore it is the listor’s obligation to clearly describe the space.
For example, in a brand new building, shell condition space will have never been previously improved. However, it’s possible that the landlord has created a “warm” shell, perhaps by installing a sprinkler and/or HVAC (heating, ventilating and air conditioning) loop around the space in preparation for tenant improvements. Utilities may be stubbed to the floor, but not yet distributed, or a ceiling grid may have been installed, but not yet contain lights or ceiling tiles.
Although not always the case, shell space is often more expensive to build out or complete in preparation for the Tenant to move in than any other category of space condition.
The space was previously built out for another Tenant, but still requires some additional work before a new Tenant can move in and conduct business effectively. This type of space requires less work than shell condition space, but more work than move-in condition space.
The space either requires no work before a new Tenant can move in — or that the listor is not prepared to offer any Tenant Improvement Allowance to make adjustments to the space.
In some cases, move-in condition may also imply that performing permitted construction within the space may trigger code-compliant changes to the space, which could render the space unleasable.
Often move-in condition space is neither furnished nor offers useable fixtures or equipment for the prospective Tenant.
The space is above and beyond “move-in” condition and will in most cases be fully furnished, include fixtures and equipment, and will often be wired for internet and telephone usage.
This type of space was likely designed for a specific Tenant, so a prospective Tenant should study the space carefully before assuming that it will actually accommodate his or her tenancy.
The direction(s) an office space faces — north, south, east, west or some combination.
A negotiated sum provided by the Landlord (or Sublessor) for the Tenant (or Sublessee) to use to make office space improvements prior to occupancy.
Frequently, Landlords will place restrictions on the Tenant’s use of TI funds. For example, many Building Owners want to ensure that Tenants spend the Landlord’s funds on hard-construction items as opposed to soft-costs like architectural fees, moving costs, IT costs, moveable furniture, fixtures or equipment.
Other Building Owners recognize that the cost of the Allowance is financed and reflected in the rental rates negotiated between the Parties, and will therefore allow greater flexibility as to how the Allowance may be spent.
The Parties to a lease will outline and agree upon:
…and other important points.
Once a TI Allowance is established, it is common for the Tenant to absorb and pay for all construction costs exceeding the Allowance.
Occasionally, depending on the creditworthiness of the Tenant, the Landlord may offer a TI loan in addition to the Allowance, financed over the term of the lease at the Landlord’s cost of funds (which may include mark-up).
The space a Tenant actually occupies within the walls of the Premises.
Typically the USF of the Premises equals the rentable square footage (RSF) minus the Tenant’s proportionate share of the Building’s common areas — such as the Building lobby, public corridors, restrooms and mechanical areas — associated with the Premises. However, defining common areas can often be tricky and highly subjective.