This office lease form describes provisions for using the area with respect to each office floor, mean the area within the exterior walls of the Building and, in the case of the lobby floor, the area within the demising walls of areas rented or to be rented which is considered floor area .
Hawaii Provision Using Floor Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: In the context of Midtown Manhattan modern office towers, the Hawaii Provision refers to a specific method of measuring and regulating the floor area of these buildings. Adopted by the zoning regulations in Midtown Manhattan, this provision sets guidelines on how the floor area should be calculated and utilized. Floor area measurement is a crucial aspect when it comes to office tower developments, as it impacts various aspects such as building design, leasing, zoning compliance, and overall building efficiency. The Hawaii Provision focuses on providing a standardized approach to measuring the floor area, ensuring consistency and fair comparison across different office towers. By utilizing the Hawaii Provision, Midtown Manhattan modern office towers are categorized based on their floor areas, enabling developers, investors, and designers to effectively analyze and compare different properties. This provision allows for a more transparent evaluation, facilitating better decision-making for stakeholders involved in the real estate market. The key principle of the Hawaii Provision is to measure the floor area in a comprehensive manner, encompassing different usable spaces within the office tower. This includes not only the tenant's leased area but also shared facilities, hallways, mechanical rooms, and common areas accessible to all occupants. It aims to provide an accurate representation of the total usable space within the building. Under the Hawaii Provision, several types of floor areas are identified: 1. Gross Floor Area (GFA): This encompasses the entire floor area of the office tower, including the occupied tenant spaces, common areas, and vertical penetrations such as elevator shafts and stairwells. 2. Net Leasable Area: This represents the space that can be leased by tenants for their exclusive use, excluding shared areas and vertical penetrations. Net leasable areas are often utilized in lease negotiations to determine rental rates and occupancy costs. 3. Common Area Factor: This denotes the proportion of the building's total floor area that is dedicated to shared facilities such as lobbies, corridors, restrooms, and conference rooms. It provides a means of distributing shared costs among tenants. By using the Hawaii Provision and its various types of floor area measurements, Midtown Manhattan modern office towers can comply with zoning regulations and create an equitable framework for leasing, development, and design standards. This ensures a fair and transparent market for businesses seeking suitable office spaces in the bustling district of Midtown Manhattan.
