This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Minnesota Provisions Used for Measuring Additional or Option Space serve as guidelines for measuring and documenting the square footage of additional or optional spaces within a property. These provisions help ensure accuracy and consistency in measuring space, which is crucial in various real estate transactions, lease agreements, and property valuation assessments. One type of Minnesota provision used for measuring additional or option space is the "Rentable Square Footage" measurement. Rentable Square Footage refers to the total area of a leased space that a tenant pays rent for, including both the usable area and a proportionate share of common areas, such as hallways, elevators, and restrooms. This provision is commonly used in commercial leasing, where tenants are responsible for a portion of the maintenance and operation costs of shared spaces. Another type of Minnesota provision is the "Net Square Footage" measurement. Net Square Footage is the usable area within a leased space excluding any common areas. It represents the area that a tenant can fully control and utilize. This measurement is often used in commercial leases to calculate the actual space a tenant is renting and determines the base rent. Furthermore, another provision is the "Gross Square Footage" measurement. Gross Square Footage accounts for the total area, including all usable and non-usable areas, of a property. It includes not only the usable space but also areas such as walls, columns, stairwells, and mechanical rooms. This measurement is commonly used in property valuation assessments and allows potential buyers or investors to assess the full size and potential of a property. Accurate measurements of additional or option space are crucial for property owners, tenants, and real estate professionals to make informed decisions regarding leasing, valuation, and property management. By adhering to these Minnesota provisions, all parties involved can effectively evaluate the space's utilization and properly allocate costs, ensuring fair and transparent transactions.
