FLA
FLA (an acronym for ) is a term used in the field of commercial real estate to designate a future lease contract. A Future Lease Agreement i...
Leasing
Landlord
A landlord is a person or company that owns a property and rents it out to tenants.
Parking ratio
A parking ratio (also known as a parking standard or parking coefficient) is an urban design and construction concept that determines the ma...
Shell & Core
"Shell & Core" is a term used in the field of commercial real estate to describe the state of a building or space that is available for leas...
Fit-out
The term "fit-out" is used in the commercial real estate industry to describe the process of finishing and customizing the interior of a bui...
Lease Term (Duration of the lease)
The Lease Term, or the duration of the lease, is the length of time the lease is valid. It can be for a fixed term or an indefinite term wit...
Indexation
Indexing, in the context of commercial real estate, usually refers to a mechanism that automatically adjusts the amount of rent over time ba...
Holdover Tenant
A tenant who remains in the leased space after the lease expires. This condition may lead to legal action by the landlord.
Gross vs Net Leasable Area (NLA vs GLA)
Net Leasable Area (NLA) and Gross Leasable Area (GLA) are two terms used in property leasing. Both indicate the area that can be leased to t...
Reinstatement
In the context of commercial real estate, the term "reinstatement" generally refers to the tenant's obligation to return the property to its...
Eviction
The legal process by which a landlord terminates a tenancy and the tenant is forced to leave the rented premises. This step is usually taken...
Right of First Refusal
This is the right of a tenant or other party to make a first offer to rent or buy a property before it is offered to third parties.
Option to Renew
This is a clause in the lease that allows the tenant to renew the lease on pre-determined terms after the initial term has expired.
Market Rent
An amount of rent that is normal and customary for a given property type and location, derived from current supply and demand in the market.
Tenant Mix
A combination of different types of tenants in one real estate project, for example in a shopping centre where there are different shops, re...
Effective rent
Effective rent is a term used in the field of commercial real estate to denote the actual amount of rent that a tenant pays when all incenti...
Tenant
A tenant is a person or company that rents space from a landlord under a lease agreement.
Add-on
The "Add-on factor" is a term used in commercial real estate, particularly in office buildings. This factor refers to the ratio of the total...
Space plan
"Test fit" or "space plan" is a term used in the field of commercial real estate, referring to the planning and arrangement of a building's ...
Rent free period
Rent-free period is a term used in real estate that refers to the period when a tenant is exempt from paying rent. The rent-free period is u...
Pre-leasing
The process of entering into lease agreements for premises that are under construction or renovation, prior to completion.
Bail
A bail is a financial deposit or guarantee that is used in various contexts as security against possible future claims, losses or damages. T...