Quick Answer: What is down space in real estate?

What is dark space in real estate?

Dark space. Vacated retail space for which the tenant is still paying rent despite having vacated the space.

What is downtime in real estate?

Also expressed as average space downtime, downtime is the general term used to describe the typical amount of time expected between the expiration of a lease and the commencement of a replacement lease for a particular property. Downtime pertaining to real estate is usually expressed in weeks or months.

What is RBA in commercial real estate?

Rentable Building Area (RBA)

The total square footage of a building that can be occupied by or assigned to a tenant for the purpose of determining a tenant’s total rental obligation. Generally, RBA includes common areas in the building including hallways, lobbies, bathrooms and phone/data closets.

What is a dark tenant?

Dark Tenant means any Tenant that (i) is not rated (or, if a Lease guaranty has been provided, such guarantor is not rated) at least BBB- by S&P, Baa3 by Moody’s or the equivalent by Fitch and (ii) has vacated in excess of fifty percent (50%) of the overall square footage of the space demised under its Lease (unless a …

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What does it mean if a tenant goes dark?

The tenant’s right to cease operations at its leased space while the tenant continues to pay rent. A go dark clause is commonly negotiated in retail leases. The right to go dark provides tenants with maximum flexibility, which is especially important for large national retail tenants.

What does loss to old lease mean?

Loss to lease is a term used to describe the difference between a unit’s market rental rate and the actual rent per the lease. The loss isn’t realized in the traditional sense. Rather, it is an on-paper loss that represents an amount of money that the property owner is losing by not charging market rents on the unit.

How do you calculate economic occupancy?

The economic occupancy formula involves calculating the amount of rent collected from tenants and dividing it by the amount of rent that could be collected if all the tenants paid the full rental amount (i.e., gross potential rent, or GPR).

What is collection loss?

A collection loss amount recognizes that not all tenants honor their contractual lease obligations. In other words, despite the tenant’s written obligation to pay rent, a certain percentage of the tenants will default, whether because of a failed business or some other reason.

What are deliveries in commercial real estate?

Real Estate Deliveries means, (a) with respect to any real property owned or leased by a Loan Party, (i) such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing of the applicable Mortgage or Leasehold Mortgage to create a Lien under applicable law and …

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What does CoStar stand for?

CoStar Group provider of commercial real estate information, marketing and analytic services. CO-STAR, an iterative method for innovation management, the acronym standing for: Customer, Opportunity Solution, Team, Advantages and Results.