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 .
Nebraska Provision Using Floor Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: The Nebraska Provision, specifically designed for Midtown Manhattan modern office towers, utilizes the concept of measuring floor area as the standard metric for determining building size. The provision was first introduced as a means to establish a consistent and fair method for assessing the floor space efficiency and maximum capacity of office towers in Midtown Manhattan. By using floor area as the primary measurement standard, the Nebraska Provision takes into account every usable square foot within a building, providing a comprehensive understanding of a tower's true size and capacity. This calculation method considers all occupied spaces, including offices, conference rooms, hallways, restrooms, and common areas, excluding only mechanical rooms and utility spaces. As a well-regarded set of rules, the Nebraska Provision promotes transparency and accuracy in reporting the size of modern office towers. By applying this standard, potential investors and tenants can make informed decisions based on objective data, ensuring a high level of certainty when it comes to leasing, purchasing, or valuing these properties. The Nebraska Provision has various types or categories, each tailored to specific types of office towers found in Midtown Manhattan. These categories include: 1. High-rise Class A Office Towers: This category applies to the most prestigious and premium office towers, often boasting multiple stories and iconic architecture. The Nebraska Provision ensures accurate measurement of their expansive floor areas. 2. Mid-rise Mixed-Use Office Towers: Midtown Manhattan is known for its mix of commercial and residential spaces within the same building. The Nebraska Provision accounts for the complexities of mixed-use office towers, offering a precise measurement of their floor areas. 3. Low-rise Boutique Office Towers: These smaller-scale office towers, often characterized by unique designs and customized spaces, can also benefit from the Nebraska Provision. The provision accurately captures the unique floor area configurations of these boutique office towers. 4. Newly Constructed Office Towers: The Nebraska Provision is highly relevant for newly constructed office towers, enabling accurate assessment of their true floor areas. This information is vital for determining leasing or purchasing prices and ensures fair competition among developers. By employing the Nebraska Provision as the measurement standard, Midtown Manhattan office towers can maintain uniformity and fairness in presenting their floor area data. This approach ultimately enhances market efficiency and allows stakeholders to make informed decisions with confidence, facilitating a thriving real estate environment in one of the most prestigious business districts in the world.
