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 .
The Colorado Provision is a unique approach to measuring the usable area of modern office towers in Midtown Manhattan, setting a new standard for accurate and transparent measurements. This provision is especially crucial in the bustling area of Midtown Manhattan, where every square foot matters, and office space is in high demand. By utilizing the concept of usable area, the Colorado Provision aims to provide a comprehensive measurement that considers the actual space available for occupancy and functionality, rather than solely relying on the gross rentable area. The Colorado Provision takes into account various factors to ensure a fair and realistic measurement of usable area. It considers the vertical circulation elements, such as elevators, escalators, and stairwells, as well as essential common areas like lobbies, corridors, and restrooms. These elements are subtracted from the total floor area to determine the usable area accurately. Furthermore, the provision is designed to eliminate ambiguity and inconsistencies, providing a clear and standardized methodology for measuring usable area across Midtown Manhattan modern office towers. In Midtown Manhattan, where the demand for office space is diverse, the Colorado Provision offers different types of measurements to cater to specific needs. These include: 1. Usable Area (UA): This measurement type encompasses all the space within the office tower that can be occupied and utilized for various purposes. It factors in basic vertical circulation elements and common areas, providing an accurate representation of space available for businesses. 2. Rentable Area (RA): While the usable area focuses on the acceptable space, the rentable area measurement includes additional elements such as mechanical equipment rooms, electrical closets, and vertical penetrations. Rentable area is used primarily for lease calculations, determining the tenant's cost and rent obligations. 3. Rentable Area Plus (RA+): The RA+ measurement incorporates movable partitions and load-bearing walls that can be reconfigured within the office space. It offers flexibility for tenants to adapt their workplace layout while still maintaining an accurate measurement for lease calculations. By using the Colorado Provision and its various measurement types, Midtown Manhattan modern office towers can provide tenants with trustworthy and transparent measurements, empowering businesses to make informed decisions about their space requirements. This approach ultimately streamlines leasing processes, reduces disputes, and fosters a thriving commercial real estate market in Midtown Manhattan.
