What is considered rentable space?
The rentable square footage comprises of the usable square footage plus a fraction of the building’s shared space. The shared space constitutes the common areas of the building, including restrooms, shared hallways, elevators, stairwells, and storage rooms, cafeteria, lobby, fitness center etc.
What is included in rentable area?
This common area can consist of a lobby, restrooms, hallways, shared kitchen space, but can include any type of shared space between tenants. Common area factors usually consist of 10% – 20% of the total rentable square footage (we’ll get to what that means soon), but that can vary depending on the building’s layout.
How is rentable space calculated?
The Rentable Area of an office on the floor is computed by multiplying the Usable Area of that office by the quotient of the division of the Floor Rentable Area of the floor by the Usable Area of the floor resulting in the FR/U Ratio.
What is meant by useable vs rentable space?
Usable square feet is the space a tenant can use and occupy and has possession of. Rentable square feet is a real estate term, usually used for commercial spaces, for the amount of square feet the rent is based on. This area includes space outside of the actual rented area including stairways, lobbies, corridors, etc…
What does FSG mean in real estate?
full service gross lease
A full service gross lease includes the base rent and other building operating expenses, including janitorial service, utilities, maintenance and repairs, building insurance and property tax, and common area maintenance (CAM).
What is the difference between USF and RSF?
The difference between USF and RSF is typically anywhere between 10 and 20%. This increase is known as the “load factor”.
What is rentable area in real estate?
Rentable square feet is defined as the usable square feet plus a portion of the building’s common space. Common spaces are areas usable by all tenants in the building and include, but are not limited to, hallways, lobbies, public restrooms and fitness facilities.
What is the difference between gross area and rentable area?
Gross building area typically includes all heated and cooled areas. Net rentable area is actual square footage of a building that may be leased or rented to tenants; the area upon which the lease or rental payments are computed.
What is the difference between RSF and USF?
Are exterior walls included in rentable square footage?
If there is a common wall between two tenants, each tenant will be paying for half the wall, since they both use it. This is why we use the midpoint on common tenant walls. For the exterior wall, you will probably need an architect. A percentage of these must be included in the tenant’s rentable square footage.
What is the difference between the rentable and usable area called?
A helpful tool that tenants and landlords use to understand the difference between a facility’s rentable square feet and usable square feet is called the load factor. This number is based on the percentage of common area found in the building.
What does FSG mean?
FSG
| Acronym | Definition |
|---|---|
| FSG | Financial Services Guide (various organizations) |
| FSG | Financial Services Group (various organizations) |
| FSG | Free Standards Group (nonprofit organization promoting open source software standards) |
| FSG | Financial Solutions Group (various locations) |
What do you mean by rentable space in an apartment?
Let’s imagine you find one apartment and want to compare the three ways of measuring square feet. With rentable space you include the entire space of the apartment, including closets, stairs, and hallways, but you also include a portion of the common areas.
What is the definition of rentable square feet?
Rentable Square Feet. Rentable square feet is defined as the usable square feet plus a portion of the building’s common space. Common spaces are areas usable by all tenants in the building and include, but are not limited to, hallways, lobbies, public restrooms and fitness facilities.
What makes up a rentable area in a building?
The rental space may include a share of building support / common areas such as elevator lobbies, building corridors, and floor service areas. It does not include vertical building penetrations and their enclosing wall, such as stairs, elevator shafts, and vertical ducts.
What is the definition of usable square footage?
Usable Square Footage or USF is the total usable floor area of a space or building. Usable Square Footage is measured from the outside or outer surface of any exterior walls and windows, including the middle of any interior walls that are adjacent to other spaces, hallways or common areas.