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Commercial Real Estate Definitions - From O to Z Word Count: 279 Summary: Commercial real estate is distinctly different from residential real estate rsspect.org The terminology is very different and here is a list of new terms from O to Z. Keywords: commercial real estate, real estate definitions, operating expenses Article Body: Commercial real estate is distinctly different from residential real estate ambafrance-kwt.org The terminology is very different and here is a list of new terms from O to Z metal-geek.com Commercial Terms Operating Expenses: Just as it sounds, operating expenses are those costs associated with operating a commercial property onedaydecorating2.com Contract and state law typically govern the exact nature of the operating expenses racoreysfineart.com Partition Wall: A wall built in the internal area of a suite to divide the general space railloc.com For instance, offices built during a tenant improvement project with have partition walls separating them. Punch List: A punch list runs part and parcel with a walk through of completed construction work refarrellbooks.com The construction company and client will walk through the area and complete a punch list of items that need to be fixed or modified. . Shell Space: The interior of a commercial building that has been completed, but does not yet have any tenant build outs. The shell space generally refers to this gross square footage regardless of whether tenant improvements have occurred or not. Substantial Completion: Notice given by a contractor to the client indicating the property has been completed to the point where a walk through and punch list review are appropriate. Usable Square Feet: The square feet in a building, suite, warehouse and so on that can actually be used by tenants. Due to building regulations and design issues, certain amounts of a space in a tenant suite may not be usable and such footage is excluded from this calculation Unlike residential real estate, commercial real estate is primarily considered a business transaction. Learn the terms and you're well on your way to moving smoothly through the process.
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