How is lettable floor area calculated?
The whole floor net lettable area is calculated by: taking measurements from the internal finished surfaces of permanent internal walls and the internal finished surfaces of dominant portions of the permanent outer building walls.
What is lettable area?
The lettable area is a measurement of the floor space and/or land area of a property and is used to assist in rental calculations and property market assessments. This method is most commonly used to measure multistorey, multi tenancy buildings such as office buildings.
What is the difference between net lettable area and gross lettable area?
Net Lettable Area – NLA – which is used for office buildings and tenancies. Gross Lettable Area Retail – GLA-R for retail tenancies in shopping centres, commercial buildings and strip shops.
How is leasable area calculated?
To get the gross leasable area for one tenant, you would measure from the center of the common wall (shared with another tenant) to the outside face of the external wall. The external wall can be a shopfront, a window display, or just a flat wall. Regardless, it is included in the gross leasable area.
Whats included in gross floor area?
The Gross Floor Area (GFA) is the total property square footage, as measured between the exterior walls of the building(s). This includes all areas inside the building(s) including supporting areas. Outdoor Courts (Tennis, Basketball, etc.)
What is the difference between net and gross area?
The net area informs about the actual area of the accommodation – the actual living quarters. Gross area, on the contrary, includes any common areas; this could for instance be a basement room, gallery, staircase, balcony et cetera, which the tenant has access to on the property.
What does lettable mean?
chiefly British. : capable of being rented or leased.
What is difference between gross area and net area?
How do you calculate gross area?
Calculate the area of each square or rectangle by multiplying the length by height. Add up the area of each square or rectangle to obtain the total gross area.
What does gross leasable area include?
Gross leasable area, or GLA, is the area in a commercial property designed for the exclusive use of a tenant. GLA typically includes mezzanines, basements, or upper floors, but shared areas, such as public bathrooms or maintenance areas.
How do we calculate gross area?
How is lettable area calculated in Property Council of Australia?
Lettable Area is calculated using the Property Council of Australia Guidelines applying the appropriate method of measurement for the type of premises being surveyed. I.e. Commercial (NLA), Retail (GLAR) & Industrial (GLA).
What does Gross Lettable Area ( GLA ) mean?
Gross Lettable Area (GLA) tenancy applies to: showrooms. in the case of external building walls, measuring from the dominant portion of the outside faces of walls of the building alignment; in the case of inter-tenancy walls or partitions or common areas, measuring to the centre line of the walls.
What does lettable area mean in property law?
Lettable Area means the lettable area of the Premises measured in accordance with the method of measurement adopted by the Property Council of Australia for buildings which are similar to the Premises.
What’s the difference between gross lettable and net lettable area?
Gross Lettable Area – GLA – for industrial buildings, showrooms and freestanding supermarkets. Net Lettable Area – NLA – which is used for office buildings and tenancies. Gross Lettable Area Retail – GLA-R for retail tenancies in shopping centres, commercial buildings and strip shops.