This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
New Mexico Provisions Used for Measuring Additional or Option Space When it comes to measuring additional or option space in New Mexico, there are several provisions in place that help ensure accurate and fair measurements. These provisions are particularly important when it comes to lease agreements, construction projects, and property valuations. Let's take a closer look at the various New Mexico provisions used for measuring additional or option space. 1. Gross Leasable Area (GLA): One commonly used provision in New Mexico is the Gross Leasable Area (GLA). GLA refers to the total floor area that is available for lease within a building or a specific space. It includes not only the usable or rentable square footage but also common areas shared by multiple tenants, such as hallways, lobbies, restrooms, and elevators. GLA provides a comprehensive measurement of a property's leasable space, ensuring transparency and fairness in lease agreements. 2. Usable Area: Another provision used for measuring additional or option space in New Mexico is the Usable Area. This refers to the actual space within a building or a specific area that is available for occupancy or use by the tenant. It excludes any shared or common areas and focuses solely on the space that can be utilized by the tenant. Usable Area is essential when it comes to determining the exact dimensions and capacities of a particular space. 3. Rentable Area: Rentable Area is another provision used to measure additional or option space in New Mexico. Sometimes, landlords charge tenants for common area maintenance and other shared space. In such cases, the Rentable Area is used to measure the actual space being rented, including the tenant's usable area, as well as a proportionate share of common areas within the building. This provision helps landlords in calculating fair rents that consider both the usable and shared areas. 4. Option Area: In certain cases, tenants and landlords may agree upon an option space, which refers to the right to lease an additional area adjacent to the existing leased space in the future. Option areas are often used to accommodate the potential expansion needs of tenants. The measurements and provisions used for option areas depend on the specific agreement between the parties involved. This provision allows for flexibility and growth potential while ensuring transparency in lease contracts. 5. American National Standards Institute (ANSI): The American National Standards Institute (ANSI) provides guidelines for measuring and calculating square footage in commercial real estate. While not exclusive to New Mexico, ANSI standards are widely used across the United States, including in New Mexico. These standards establish uniform criteria for measuring different types of spaces, ensuring consistency and accuracy in real estate transactions. In conclusion, New Mexico has various provisions in place to measure additional or option space accurately. These provisions include concepts such as Gross Leasable Area (GLA), Usable Area, Rentable Area, Option Area, and adherence to ANSI standards. Understanding and applying these provisions help maintain fairness, transparency, and consistency in lease agreements, construction projects, and property valuations throughout New Mexico.
