This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.
New Mexico Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built
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FAQ
In a leasing context, it is generally the area of a building that can be used by the tenants. It usually includes certain common areas, elevators, common bathrooms, stairwells, and other portions of the building that the tenants do not occupy, but can use.
Rentable square feet is defined as the usable square feet plus a portion of the building's common space. Common spaces are areas usable by all tenants in the building and include, but are not limited to, hallways, lobbies, public restrooms, and fitness facilities.
In reality, the gross leasable area of a building includes all the common areas, elevators, common bathrooms, stairwells, and other portions of the building that the tenant doesn't occupy (regularly). The actual square footage of the tenant's space is called the Net Rentable Area of the building.
Usable Square Footage is the space the tenant will actually occupy, as compared to the Rentable Square Footage the tenant will pay rent on. Usable Square Footage can sometimes also be called Leasable Square Footage.
Usable square feet is the space a tenant can use and occupy and has possession of. Rentable square feet is a real estate term, usually used for commercial spaces, for the amount of square feet the rent is based on. This area includes space outside of the actual rented area including stairways, lobbies, corridors, etc?
Rentable area is all the interior space of the building, except for the elevator shafts and fire escape stairwells. The rentable area is measured from the: Inside surface of the exterior building wall.
