This office lease form describes provisions for using the area in the case of a single tenancy floor, within the exterior walls of the New Building, or, in the case of a multiple occupancy floor, within the exterior walls, party walls or corridor walls which is considered to be usable area .
Alabama Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers The Alabama provision has been introduced as a metric for measuring the usable area of modern office towers located in Midtown Manhattan. This provision seeks to provide a standardized method for determining the true usable floor space within these buildings, ensuring transparency and accuracy in property valuation and leasing contracts. By using usable area instead of other measurement standards such as gross area or rentable area, the Alabama provision aims to offer a fair representation of the space available for tenants to utilize efficiently. The Alabama provision recognizes that simply measuring the gross area of a building can include spaces such as common areas, corridors, and mechanical rooms, which are not directly usable by tenants. By focusing solely on the usable area, this provision aims to present a more precise measurement for potential office space tenants, property developers, and real estate professionals. Benefits of the Alabama Provision Using Usable Area: 1. Transparency: By adopting this provision, there is greater transparency in commercial real estate transactions. Potential tenants can clearly understand the actual space available for their specific use, making informed decisions about leasing agreements. 2. Accuracy in valuation: Accurate measurement of usable area can lead to more precise property valuation, ensuring fair and balanced pricing in the market. 3. Optimal space utilization: Tenants can better evaluate how the usable area meets their specific spatial requirements, allowing for efficient space planning and utilization. Types of Alabama Provision Using Usable Area: 1. Alabama Provision for Office Tower Leasing: This type of provision specifically applies to leasing agreements within Midtown Manhattan's modern office towers. It ensures that the usable area is used as the primary metric for determining lease rates and valuations. 2. Alabama Provision for Property Valuation: This type of provision focuses on accurately assessing the value of office towers, taking into account the usable area while determining property valuations for sales, acquisitions, and financing. In conclusion, the Alabama Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers offers a more transparent, accurate, and efficient way of measuring office space. With its focus on usable area, this provision ensures fairness between property owners and tenants, allowing for optimal utilization of space and making it easier for businesses to make informed decisions regarding office leases.
