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| Tenant Electric |
Lessor pays for all services and Lessee is responsible for their usage of lights and electrical outlets.
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| Term |
The length of the lease. "TBD" (To be determined), a time span (such as "3-5 yrs") or a date (such as "thru Apr 2002").
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| Total Rentable |
All space in a building that may be leased and occupied regardless of the type of building or the space use.
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| Trading Floor |
A trading floor/trading room is usually a large open central area used to trade various items which include, but are not limited to stocks, bonds, commodities futures, currency futures, precious metals, etc. These areas may be wired as full data centers, many with battery and generator back-up systems. Additionally, high quality tenant improvements, which may include constant velocity air handlers, and/or specialized air conditioning systems may also be available. After build-out, these areas provide a junction point for quotes/info, order flow, and info between brokers. When finished, they may be improved with numerous computers (e.g., data walls, electronic tickers, and work stations) and large arrays of flat screens, and other high resolution/plasma displays (e.g., pricing boards). Often times telecommunication conference rooms are available for private strategy sessions.
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| Trailer Parking |
An open parking area, typically for industrial buildings, where long-haul trucks can park their trailers.
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| Transfer Tax -Full Value |
The documentary transfer tax affixed to the deed is computed on the full value of the property conveyed.
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| Transfer-Partial Value |
The documentary transfer tax affixed to the deed is computed on the full value of the property conveyed less the value of liens and encumbrances remaining at time of sale.
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| Travel Agency |
Convenient for companies that require extensive travel or for employees who need to make personal travel plans.
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| Triple Net (NNN) |
A lease in which a tenant is responsible for all expenses associated with their proportional share of occupancy of the building.
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| Truck Terminal |
A secondary type of industrial building that is long and narrow with multiple cross-docks that facilitate simultaneous incoming and outgoing inventory. If an industrial building has many cross-docks, it may be a truck terminal.
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| Truck Well |
A slope that brings the level of a truck bed to a dock high loading platform. Capacity is defined as the number of trucks that can simultaneously load or unload cargo.
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| True Owner |
The True Owner is the individual(s), company, or entity that is behind the Recorded Owner. If an individual takes title to a property in his own name, then the Recorded Owner and True Owner will be the same. Often times True Owners will not use their actual name on the deed for liability and/or privacy reasons. For example, John Smith, the True Owner, takes title as 123 LLC (Limited Liability Corporation). Therefore, John Smith is the True Owner and 123 LLC is the Recorded Owner. Also see Recorded Owner.
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| Truss Height |
The bottom height of the trusses (roof beams), measured from the floor. See Ceiling Height.
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| Type |
Condo: Office/ Medical/Retail/ Industrial condos are suites of space that may be purchased by the tenants or investors (who lease them). It is necessary to consider each condo building individually; just because they are individually owned does not make them a condo. Condos are typically 2-3 story buildings that resemble residential townhomes. However, if a condo looks like a typical office building. Industrial condos are usually labeled as industrial buildings while office condos are labeled as condos. Flex: The building is designed to be versatile. Flex space may be used for office, quasi-retail, warehouse, industrial or research & design. There is a fairly even amount of office space to warehouse space. A characteristic of this type of space is that its use is not exclusively for office or warehouse, but it will combine the uses. Industrial: Industrial buildings are designed and built for bulk warehousing, distribution, mechanical storage and repair, and heavy manufacturing. Ceiling heights are generally in excess of 18", with heavy industrial zoning. Manufacturing buildings may include ductwork, air lines, buss ducts, exhaust systems, floor drains and storage tanks. Warehouse buildings will contain open space for storage such as a building with no columns and will have high ceilings. It may include humidity and cooling controls. Industrial building types are: Manufacturing, Service, Truck Terminal and Warehouse. Loft: Pre-World War II era, multi-story industrial buildings that were constructed in urban settings. They have floor-to-ceiling windows and a minimum of 12" ceilings. Renovations in these buildings creatively convert the space use from manufacturing to office. However, the building will maintain the loft-style appearance despite it space use. Office: A building designed exclusively for office space use. It may have some retail space, such as banks, restaurants and ground floor shops. Retail: Space designed exclusively for retail use such as a standalone department store, regional mall or strip mall.
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| Typical Floor |
Identifies the size of the floor area that occurs most often in the building. Expressed as square feet.
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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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