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Commercial Real Estate Glossary

Abbreviation for Air Conditioning - only used if buildings are completely air conditioned.
Abatement Zone
Used in conjunction with the Downtown Revitalization Act passed to assist in filling commercial buildings that were built prior to 1975. Tenants that lease space in these buildings are eligible for tax and energy expense discounts. Owners that convert their buildings to residential use are also eligible for tax incentives. Available in New York City only.
Refers to the change in occupancy over a given time period. Lease renewals are not factored into absorption unless the renewal includes the occupancy of additional space. (In that case, the additional space would be counted in absorption.) Pre-leasing of space in non-existing buildings (e.g., Proposed, Under Construction, Under Renovation) is not counted in absorption until the actual move-in date.

See also: Gross Absorption, Net Absorption.
Adaptive Reuse
A building converted to a different use in order to meet contemporary demand. Examples would include a factory converted to a retail use or an office building converted to a school.
Air Lines
Compressed air lines for operating machinery, such as pneumatic tools. See also: Features
Air Rights
The right to undisturbed use and control of designated air space above a specific land area within stated elevations. Such rights may be acquired to construct a building above the land or building of another or to protect the light and air of an existing or proposed structure on an adjoining lot. See also transferable development right (TDR). In CoStar's database this must be part of a land or building record.
A CoStar Property, Comps, and Tenant feature that highlights new properties, spaces, or tenants matching the criteria of a saved survey. Red exclamation marks serve as the notification symbol to highlight the new properties and new spaces.
Allocated Price
Used in some Multi-Property/Portfolio Sales Comparables -- If an individual property's sale price is unknown, CoStar will estimate a sale price for each property in the portfolio using market average sales prices for that property type and period of time to develop both a market average price for the portfolio and each individual property in the portfolio. These market average values allow us to determined each property's portion of the actual portfolio value. Note that when CoStar is able to secure the actual price of a property, that will be used in lieu of the "allocated price," and the "allocated price" of any other properties in the portfolio will be adjusted accordingly.
Special characteristics that can enhance a property's appeal. The list below identifies tracked Amenities. Items on the list with an asterisk have additional separate definitions found within this glossary.
24/7 Building Access
Abatement Zone (NYC Only)
Bio-Tech/Lab Space*
Bus Line
Card Key Access*
Commuter Rail
Conferencing Facility*
Convenience Store
Data Center/Telecom Hotel*
Day Care
Dry Cleaner
Empowerment Zone*
Enterprise Zone*
Exercise Facilities
Exterior Signage
Fenced Lot
Food Court
Food Service
Golf Course
High-Speed Internet*
Jogging Trail
Mail Room
Marketing Suite*
MBTA Station (Boston only)
On-Site Management
Retail Shops
Rooftop Terrace
Shallow Bay*
Shuttle to Train
Site Plan Approved*
Tenant Controlled HVAC
Tennis Courts
Trading Floor*
Travel Agency
Tunnel Access
Underground Space
Vending Area

See also: Features
The basic flow of electrons in a conductor is called current. The basic unit of electrical current is measured in Amperes, often referred to as Amps. Any service rated over 400 amps is typically commercial service although 200-400 amps are generally seen in flex buildings and 800+ for heavy industrial buildings. Amps fields allow a range from low to accommodate different sources of power.
Anchor Tenant
Tenants that are considered "credit worthy" and attract or generate traffic for a retail facility (e.g. a supermarket in a neighborhood shopping center, a major chain or department store in a regional mall).
Annual Avg Daily Traffic
(AADT) This is the total volume of vehicle traffic for a highway or road for a year divided by 365 days.
Annual Debt Service
Annualized payment of a loan obligation. (AKA monthly payment annualized)
Asking Rent
AKA Face Rent, this represents the dollar amount the lessor is asking for in order to lease their building/space/land. It is represented as an annual or monthly amount depending on the area where the property is located. Most markets reflect an annual amount while some western markets use a monthly amount.
A purchase of two or more parcels by one property owner. When a premium is paid over the market value that amount is the Assemblage Value because of the buyer's special motivations associated with their use of the combined parcels. Typically the buyer is in the process of assembling several contiguous parcels to make one large parcel for a particular project and this transaction is one of many purchases that have or will take place. For the purchase of a lot to expand the buyer's existing parcel, see "Expansion" definition.
Assessed Value
For commercial real estate it's a value assigned by the local tax assessor on land
and/or structures for purposes of taxation only.
Asset Manager
The company or contact that handles all the financial transactions for the subject property insuring the loans, appraisals, and management requirements are in order and operating correctly. Asset Managers usually handle portfolios of properties, which the subject property may be one of.
A lobby with a high, vaulted ceiling or a grand, central court that separates two halves of a large building. An atrium will decrease the amount of rentable area in a building but increase the amount of high value space by incorporating more windowed offices into the building design and adding aesthetic value. See also: Amenities
In context of the My Surveys page, refers to a file that is associated with a saved survey and is uploaded for storage into a Client Folder. See also: Client Folder, Publish
Auction Sale
The offering for sale of real property to the highest bidder. It's important to understand the reason for the auction. Typically this type of sale occurs in a declining market when other traditional types of sales have not been successful.
A large room used to accommodate an audience for large meetings or performances.
Auto Dealership
Retail secondary type. New or used car dealership facility with substantial amount of building improvements that includes some or all of the following: showroom, offices, parts dept., auto repair/service dept., body shop.
Auto Mall
A group of retail stores clustered together involved in sales, service, repair, and/or parts for automobiles.
Auto Repair
Retail secondary type. Commercially zoned single and/or multi-tenant buildings featuring service/work bays for wide ranges of auto repair and auto care services.
Availability Rate
The percent of space available on the last day of each quarter or the current date in the case of the current quarter. Total Available SF divided by the total RBA on the last day of each quarter.

See also: Available Space, Total Available.
Available Floors
The floors that are available, identified by the floor number or name such as "MEZZ" (Mezzanine),
"BSMT" (Basement), "CNCR" (Concierge).
Available in: # of days
Available in: 30, 60, 90 or 120 Days: primarily used with sublet space, but may be used with relet space also. The number of days indicates the length of time it will take the current occupant to vacate the space once a new tenant has subleased the space.
Available on (by a date)
space that will be vacated at a known date in the future.
Available Space
The total amount of space that is currently being marketed as available for lease or sale in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. CoStar includes only existing, under construction, and under renovation buildings in its statistical calculations of available space.
Average Rent
Average rent is the weighted average rent for a building or market. Rents are weighted based on the total square footage available at a rental rate. If the rental rate is zero, TBD (to be determined) or negotiable; it is not counted in the average rent. Average rent is calculated from suite-by-suite detail. However, average rent can be reconstituted by multiplying the listed average by the listed space available. See Weighted Average Rent