- Lessee (Tenant)
- The party to whom a lease is given to occupy the space.
- Lessor (Landlord/Owner)
- The party that gives the lease or right to possession.
- Agency
- The relationship in which an agent acts for or represents another. Agency involves real property and should be in writing, such as listings, lessee representation, trusts, powers of attorney, etc. See South Carolina Agency Disclosure Brochure
- Owner/Landlord Representative
- An agent that is an advocate for the owner Landlord.
- Tenant/Lessee Representative
- An agent that is an advocate for the tenant.
- Lease Term
- The specific period of time for the specific lease which will include rent rate and specific other charges.
- Rent Rate
- The amount paid for the occupancy and use of real property.
- Rentable Area
- The square footage for which rent is charged. This may include the gross area to include the area used in common by the tenants of an office building. Common area includes specific portions of the building such as elevator, lobbies, restrooms and the corridor leading from the lobby to a tenant space. Rentable area can be measured and determined in many ways, but the most common measurement for office buildings is according to BOMA standards.
- Net Lease/Triple Net
- This generally indicates a lease where the rent rate excludes the insurance, utilities, operating expenses and property taxes for the building. The tenant is responsible for the payment of these costs either directly or as additional rent. This is opposite of Gross/ Full Service Lease.
- Gross Lease/Full Service
- A lease in which the stated rent includes the operating expenses of the building. This is opposite of Net Lease.
- Gross Up
- Adjustments made to operating expenses due to the building's variable expenses. An example that may cause an upward adjustment is that the building was fully occupied and then cost are divided among the current lessees.
- Operating Expenses
- Generally the costs of operating a building as well as taxes, insurance, and a reserve for replacement of items which wear out. This should not include capital expenses.
- Common Area
- The area used in common by the tenants of an office building. Common area includes building elevator, lobbies, restrooms and the corridor leading from lobby to a tenant space, etc.
An experienced and reliable buyer/lessee broker can make a difference in the successful outcome of your
search for office space or negotiating your lease to your advantage.
John Elliott
has that experience!
Contact him at:
Howell and Associates
Email
Ph:843-884-8976
cell: 843-830-3272
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