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| Negotiable (Lease Rate) |
Indicates that the Lessor is willing to discuss the rental rate amount.
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| 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.
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| Net Absorption |
For existing buildings, the measure of total square feet leased (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.
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| New (or Shell) Space |
Space that has never been occupied or built out.
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| Non-Arms Length-Comps |
A non-arms length sale is between related parties - Comps does not publish sales between related parties, i.e., spouses, families, companies, etc. Typically, a non-arms length sale does not reflect market value.
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Trout Daniel & Associates thanks costar (www.costar.com) for permission to use many of the glossary terms and definitions on this page. |
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