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 .
New Mexico Provision Using Floor Area as the Measurement Standard for Midtown Manhattan Modern Office Towers: The New Mexico Provision utilizing floor area as the measurement standard for Midtown Manhattan modern office towers refers to a regulatory requirement for calculating the floor area of high-rise office buildings in this iconic district of Manhattan, New York City. This provision serves as a means to accurately measure and quantify the total usable space within these towering structures, ensuring fair and standardized assessments for various purposes, such as construction permits, leasing agreements, and property taxes. One type of New Mexico Provision applicable to Midtown Manhattan modern office towers is the Floor Area Ratio (FAR). FAR is a ratio established by local authorities that determines the relationship between a building's total usable floor area and the total area of the plot upon which it sits. Generally expressed as a decimal or percentage, FAR helps enforce certain restrictions on building height and bulk, promoting orderly and sustainable urban development. Another notable aspect of the New Mexico Provision is that it recognizes various elements within the floor area calculation. These may include the gross floor area, net floor area, and rentable area. The gross floor area represents the total area within the external walls, encompassing all floors, including lobbies, common areas, and vertical penetrations. The net floor area discounts specific spaces such as mechanical rooms and shafts. Lastly, the rentable area focuses on the space that can be leased to tenants, fittingly excluding shared areas. Midtown Manhattan modern office towers often have complex floor layouts, which could encompass efficient space utilization, amenities like lounges or fitness centers, advanced technological infrastructure, green spaces, or multi-level atria. Incorporating the New Mexico Provision ensures a standardized and fair measurement framework, adding credibility and transparency to the market. Developers, architects, landlords, and tenants can rely on this provision to accurately assess the value, potential, and efficiency of office spaces, enabling better decision-making and informed negotiations. In conclusion, the New Mexico Provision using floor area as the measurement standard for Midtown Manhattan modern office towers plays a vital role in regulating and assessing the spatial dimensions of these prominent structures. By employing the Floor Area Ratio and accounting for various categories of floor area, this provision ensures consistency, fairness, and accuracy in evaluating these buildings throughout their lifecycle.
