This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Nevada Provisions Used for Measuring Additional or Option Space: A Comprehensive Description In Nevada, provisions for measuring additional or option space play a crucial role in various industries, including real estate, urban planning, and commercial leasing. These provisions help stakeholders accurately determine the size and value of additional spaces or options available within a property, ensuring fair assessments and informed decision-making. Let's explore the different types of Nevada provisions commonly used for measuring additional or option space: 1. Rentable Area Measurement Provision: The rentable area measurement provision is commonly utilized in commercial leasing agreements. It encompasses the total space within a property, including both usable and common areas. This provision determines the square footage that tenants will be charged for during their lease, accounting for shared spaces like hallways, elevators, restrooms, and lobbies. By employing a consistent measurement standard, such as the Building Owners and Managers Association (BOMB) standards, this provision enables fair calculations of rent rates. 2. Option Space Measurement Provision: In certain real estate transactions, individuals or businesses may have the option to purchase or lease additional space adjacent to their existing property. The option space measurement provision takes into account the precise area of this additional space, allowing parties to evaluate its suitability and value. Accurate measurements play a vital role in negotiating terms, establishing pricing, and determining potential usage. 3. Enclosed vs. Unenclosed Space Provision: This type of Nevada provision differentiates between enclosed and unenclosed space. Enclosed areas typically consist of rooms or spaces with walls and ceilings, providing a fully enclosed environment. In contrast, unenclosed spaces include areas such as balconies, patios, or open-air sections of a property that lack complete enclosures. This provision is essential for assessing the utilization and value of spaces with different property attributes or usage potential. 4. Common Area Allocation Provision: In multi-tenant properties, common area allocation provisions are essential for determining the distribution of maintenance and operational costs between tenants. Common areas may include courtyards, parking lots, corridors, or shared amenities. This provision specifies the proportionate allocation of costs, ensuring fairness and equity among tenants and allowing for efficient property management. 5. Gross Leasable Area Provision: In the retail sector, the measurement of gross leasable area (GLA) is a commonly used provision. GLA refers to the total floor area within a retail property that is available for lease to tenants for conducting their business operations. This provision excludes spaces such as loading docks, storage rooms, or utility areas, focusing solely on the leasable space. Accurate GLA measurements enable fair rental rates, leasing negotiations, and merchandising planning. 6. Building Code Compliance Provision: Nevada provisions related to building code compliance may apply when measuring additional or option spaces. These provisions ensure that any newly acquired or developed space adheres to relevant building codes. Compliance with safety, accessibility, and other building regulations is crucial to safeguard the interests of all stakeholders and ensure a secure, lawful environment. Understanding and implementing these Nevada provisions for measuring additional or option space is paramount for various industries. These measurements provide clarity, consistency, and transparency in evaluating spaces, allowing stakeholders to make informed decisions, negotiate equitable terms, and effectively utilize available resources.
