NAIOP Releases Glossary of Office Market Terms and Definitions

In July 2004, the National Association of Industrial and Office Properties (NAIOP) released its first glossary of terms and definitions relating to office development and leasing. NAIOP developed the glossary so that owners, developers, brokers, and others in office building markets around the country could have one set of terms and definitions to describe their office buildings or spaces and to use in their leases. According to NAIOP, the glossary will allow investors and tenants “to rely on one set of terms and definitions to evaluate properties in various markets.”

Terms and Definitions Covered in Glossary

The glossary was created by a task force made up of commercial real estate developers, investors, financiers, brokerage and research organizations, and others. The glossary includes terms and definitions relating to the following office development and leasing subjects:

• Development status—that is, the progress or stages of an office building's development;

• Measurement—that is, calculation of the size of an office space, and amount of office space available;

• Space use and availability;

• Transaction—that is, the leasing activity in an office building market;

• Lease and rental rate; and

• Building classifications.

It also includes an alphabetical index of all the defined terms.

To get a copy of the NAIOP's glossary, call (703) 904-7100 or go to http://www.naiop.org/services/usofficeterms.pdf.