Definitions

Terms

Available & Vacant Indicators

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.
Occupied Area	The area contained within a building that is currently physically occupied by employees of a tenant
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
Direct Available	Space available for lease from the landlord
Direct Available Vacant	The portion of Direct Available space that is physically unoccupied by a tenant
Vacant and Leased	Space that is both physically unoccupied and leased but not currently being marketed as available
Direct Vacant	The sum of Direct Available Vacant and Vacant and Leased
Sublet Available	Space available for lease from one of the tenants in the building for the remaining portion of their lease term
Sublet Vacant	The portion of Sublet Available that is physically unoccupied or unoccupied by a tenant
Total Vacant	Sum of Direct Vacant, Sublet Vacant, and Vacant but Leased
Total Vacant Rate	Total of Direct Vacant, Sublet Vacant, and Vacant but Leased divided by Total Office Area
Total Available	Sum of Direct Available and Sublet Available
Total Available Rate	Total of Direct and Sublet Available divided by Total Office Area
Change in Occupied Area	Difference (positive or negative) between total Occupied Area for current quarter/year and total Occupied Area from previous quarter/year.
Absorption	Total vacant space absorbed by the market over a period of time