Commercial Real Estate Definitions - From O to Z - WeFindRealty4U ...

Commercial real estate ?s distinctly different fr?m residential real estate. The terminology ?s v?ry different and h?r? ?s ? list ?f new terms fr?m O t? Z.?

Commercial Terms

Operating Expenses: Just ?s ?t sounds, operating expenses ?r? those costs associated w?th operating ? commercial property. Contract and state law typically govern th? exact nature ?f th? operating expenses.?

Partition Wall: A wall built ?n th? internal area ?f ? suite t? divid? th? general space. For instance, offices built during ? tenant improvement project w?th h?v? partition walls separating them.

Punch List: A punch list runs part and parcel w?th ? walk through ?f completed construction work. The construction company and client w?ll walk through th? area and complete ? punch list ?f items th?t need t? b? fixed ?r modified. .

Shell Space: The interior ?f ? commercial building th?t h?s be?n completed, but d??s ?n?t yet h?v? ?ny ?tenant build outs. The shell space generally refers t? th?s gross square footage regardless ?f whether tenant improvements h?v? occurred ?r not.?

Substantial Completion: Notice giv?n by ? contractor t? th? client indicating th? property h?s be?n completed t? th? point wh?r? ? walk through and punch list review ?r? appropriate.?

Usable Square Feet: The square feet ?n ? building, suite, warehouse and s? ?n th?t c?n actually b? used by tenants. Due t? building regulations and design issues, certain amounts ?f ? space ?n ? tenant suite may n?t b? usable and such footage ?s excluded fr?m th?s calculation?

Unlike residential real estate, commercial real estate ?s primarily considered ? business transaction. Learn th? terms and y?u're well ?n y?ur way t? moving smoothly through th? process.

Source: http://www.wefindrealty4u.com/1/post/2012/02/commercial-real-estate-definitions-from-o-to-z.html

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