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 .
North Carolina Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: The North Carolina Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers refers to a regulatory measure implemented in North Carolina that determines and standardizes the usable area calculation for office spaces within Midtown Manhattan's modern office towers. This provision aims to bring uniformity and clarity to office property measurements and is crucial for lease negotiations, space planning, and accurate market analysis. By employing the usable area as the measurement standard, this provision considers only the space within the leased premises that can be efficiently used by the tenant. It excludes areas such as vertical penetrations (e.g., stairwells and elevator shafts), common areas (e.g., lobbies and hallways), mechanical rooms, and structural columns. This way, it provides a fair and consistent basis for comparing office spaces and their actual acceptable area, allowing tenants to make informed decisions and accurately evaluate rental costs. By implementing the North Carolina Provision, various types of measurements and calculations can be used to determine the usable area of modern office towers in Midtown Manhattan: 1. Rentable Area: This refers to the total area that a tenant is responsible for paying rent, including both the usable area and a proportionate share of the common areas such as hallways, lobbies, and restrooms. The rentable area is commonly used in lease agreements and is the basis for calculating rental prices. 2. Usable Area: This is the actual area within the leased premises that is exclusively available for tenant occupation and use. It includes private offices, workstations, conference rooms, and any other custom-designed spaces. The usable area is of utmost importance for space planning and determining the efficiency of a workplace. 3. Core Factor: The core factor represents the ratio between the total rentable area (including both the usable and common areas) and the usable area. It indicates the proportion of rentable area that consists of shared spaces versus tenant-exclusive areas. Determining the core factor helps tenants understand the overall efficiency and layout of a building. 4. Load Factor: The load factor is another term often used interchangeably with the core factor. It represents the ratio of rentable area to usable area and is calculated by dividing the rentable area by the usable area. This factor is used to allocate common area costs among tenants. By incorporating the North Carolina Provision Using Usable Area as the Measurement Standard for Midtown Manhattan Modern Office Towers, tenants in the region can have confidence in consistent and accurate office space measurements. This provision streamlines leasing processes, enables fair lease negotiations, and facilitates optimal space planning within the dynamic urban landscape of Midtown Manhattan.
