Net Leasable Area
Definition of "Net leasable area"
The floor space in a building that is actually under lease. Net leasable area is all the leasable area of a building exclusive of none leasable space such as hallways, building foyers, areas devoted to heating, air conditioning, elevators, and other utility areas. the net leasable area produces the lease income economically supporting the building. For example, a building having 5,000 sq. ft. of area may have a net leasable area of 4,250 sq. ft.
Popular Real Estate Terms
The meaning of a guarantee covers a legal and financially-binding agreement signed between three parties involved in real estate or financial transactions. In this document, typically ...
Tax-free exchange that allows a seller two years after escrow closes on his former principal personal residence to buy like-kind property and defer taxes. Profits from the sale of a ...
(1) Cash revenue from product sales or services rendered less cash expenses. It is different from accrual earnings. (2) The money available after deducting operating expenses and mortgage ...
House designed and zoned for one-family use. Other dwellings may be attached to a single family dwelling, but do not share the same plumbing, heating, or electrical system. Single family ...
Word, or group of words, that identifies a business or one of its products. The name is registered with U.S. Patent Office and provides legal protection for an indefinite number of renewals ...
In short, an overage means a surplus or an excess of money. An overage can present itself at a property at an auction where the asset has gone over the asking price. Suppose there’s a ...
Privilege of a real estate investor or lender to participate in the profitability generated from property. This is in addition to any principal, interest, or dividends. ...
Market Analysis in the Real Estate Market is basically research done concerning specific properties in relation to the overall current climate of the real estate industry. A good ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Comments for Net Leasable Area
Is the leasable area calculated to the outside of the external wall or to the inside of the external wall finish?
Apr 07, 2019 08:08:26Hi, Michael! Measuring the space in a commercial building can be tricky sometimes. Regarding leasable areas, there are a few types of measurements you should know about:
Apr 09, 2019 06:01:51Gross floor area (GFA) - is measured to the external face of the external walls
Gross internal area (GIA) -measured to the internal face of the external walls
Net internal area (usable floor area) - the space left from the GIA after removing the space taken up by stairs, machinery rooms, elevators, toilet areas, other utility rooms and the like.
Gross leasable area -is measured from the external face of the walls, but excludes common areas such as corridors or staircases. However, both GLA and GFA take into account the space occupied by walls or columns.
To be sure you make the right measurements, you may want to invite an appraiser or a land surveyor to make the measurements for you.
Have a question or comment?
We're here to help.