CHAPTER 16 Terms to Get Familiar With amiliar With
There is a large vocabulary that comes with commercial real estate. It’s one that you need to get familiar with before and during your property search. Some of these terms will be in the lease, some will be on ads, and others will be on other documents. You need to know these common terms relative to commercial real estate so you don’t have to call your realtor or the landlord and ask for an explanation. All of these terms are phrases and abbreviations you will run into at some point during or after your search. Even if you already know a handful of commercial real estate lingo, you don’t want to go into any process uninformed. Here are key commercial real estate terms to know.
USABLE SQUARE FOOTAGE (USF)
This is the actual space you can occupy in the rental property. Non-exclusive spaces like lobbies, restrooms, stairways, hallways, and storage rooms are not included in USF. But if you lease an entire floor, those things will be counted in the USF, since they are exclusive to your company. This includes all the square footage that you’ll be paying for. In measuring this against the number of employees you have or will have, it is important to ensure everyone has enough space.
RENTABLE SQUARE FOOTAGE (RSF)
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