| Under Construction |
Under construction refers to the total square footage of buildings that are being constructed. Under Construction is defined as the time from pouring the foundation until the Certificate of Occupancy is received. Under construction space is considered new space (as opposed to relet space).
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| Under Renovation |
Buildings that are currently unoccupied because they are in a state of renovation. Either they are waiting for building certificates or are currently under reconstruction. A building, which has been completely restored so that the existing space becomes "new" space again, is considered Renovated. This is the date of the last major renovation. Minor renovations, such as the improvement of a building's lobby or exterior are not considered a full building renovation, and they may be counted as remodeled (cosmetic change), rehabbed (make necessary repairs or updating building materials) or restored (restores a building to its original condition or condition at a certain date).
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| Unimproved Property-Land |
Potential site for development. No plans have been made to develop the land, but it is for sale to someone who would develop it for industrial, retail, or commercial use.
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| UnPublished-Comps |
Properties that have sold but information regarding the transaction are still being confirmed/researched.
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| Usable Building Area |
This consists of the space that the tenant will actually occupy in a building. The usable area on a single floor may vary depending upon corridor configurations, whether the floor is a single tenant or multiple tenant occupancy, etc. It is the rentable area minus the common areas of the floor such as lobbies, hallways, and bathrooms.
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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. |
