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Definitions
Office Market Definitions
Available & Vacant Definitions
| Term | Description |
|---|---|
| Leased Area | The area contained within a building that is currently under contract to a tenant, either directly with the landlord or through a sublet contract with a former tenant. |
| Change in Leased Area | Difference (positive or negative) between total Leased Area for current quarter/year and total Leased Area from previous quarter/year. |
| Occupied Area | The area contained within a building that is currently physically occupied by employees of a tenant. |
| Change in Occupied Area | Difference (positive or negative) between total Occupied Area for current quarter/year and total Occupied Area from previous quarter/year. |
| Vacant Area | The area contained within a building that is currently physically unoccupied by a tenant. |
| Available Area | The area contained within a building that is currently being marketed as available for lease with an immediate or future possession date. |
| Possession Date | The date on which the available space will become vacant and a prospective tenant can take possession of the space. This may or may not be the actual move-in or date of occupancy. |
| Termination Date | The date on which the sublet lease term is due to expire. |
| Asking Rate | Posted rental rate, in dollars per sq. ft. per annum, for a specific available space. This rate is typically a negotiable cost. |
| Total Additional Rent | The sum of additional costs (realty taxes, operating costs, in-suite power) for all spaces in a building. This amount is typically not negotiable. |
| Direct Available | Space available for lease direclty from the landlord. |
| Sublet Available | Space available for lease from one of the tenants in the building for the remaining portion of their lease term. |
| Total Available | Sum of Direct Available Area and Sublet Available Area. |
| Total Available Rate | Total of Direct and Sublet Available Area divided by Total Office Area and expressed as a percentage. |
| Direct Available Vacant | The portion of Direct Available space that is physically unoccupied by a tenant. |
| Sublet Vacant | The portion of Sublet Available that is physically unoccupied or unoccupied by a tenant. |
| Vacant and Leased | Space that is both physically unoccupied and leased but not currently being marketed as available. Most often describes leased area in properties under construction. |
| Total Vacant | Sum of Direct Vacant Area and Sublet Vacant Area. |
| Total Vacant Rate | Total of Direct and Sublet Vacant Area divided by Total Office Area and expressed as a percentage. |