This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
New York provisions used for measuring additional or option space are an essential aspect of commercial real estate transactions in the state. These regulations govern how landlords, tenants, and property developers quantify and account for the square footage of additional space or options within a property. By adhering to these provisions, all parties involved can ensure fair and accurate measurements, preventing any disputes or legal issues in the future. One key provision used for measuring additional or option space in New York is the Building Owners and Managers Association (BOMB) Standards. BOMB provides a clear and widely accepted set of guidelines for measuring rentable and usable space within commercial properties. Landlords often use these standards to determine the square footage of additional or option space that they can offer tenants. Another commonly employed provision is the Real Estate Board of New York (RE BNY) measurement guidelines. RE BNY provides comprehensive guidelines for measuring commercial space, including additional or option space. These guidelines cover various property types, including office, retail, and industrial spaces. When it comes to additional or option space, New York also employs specific terms and measurements. "Rentable square footage" refers to the area of a property that a tenant pays rent on, including not only their primary space but also common areas like hallways, elevators, and restrooms. "Usable square footage" pertains to the area within a tenant's exclusive space, excluding any additional common areas. There are different types of additional or option space that fall under New York provisions. "Ancillary space" refers to supportive areas such as storage rooms, janitorial closets, or server rooms that contribute to the functionality of the tenant's primary space. "Expansion space" is an unused area within a property that the tenant can lease in the future as their business grows. This option allows tenants to secure additional space within the same building as needed. Overall, New York provisions used for measuring additional or option space ensure a transparent and standardized approach to commercial real estate transactions. By following established guidelines like BOMB and RE BNY, landlords and tenants can accurately quantify space, negotiate leases, and mitigate potential conflicts.
