This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Ohio provisions used for measuring additional or option space are essential in determining the extent of additional or optional areas within a property. These provisions enable property owners, tenants, and real estate professionals to accurately assess and understand the available space, facilitating efficient utilization and decision-making. Several types of Ohio provisions used for this purpose include: 1. Gross Leasable Area (GLA): GLA represents the total floor area available for lease, excluding common areas such as hallways, stairwells, and restrooms. It includes both occupied space and any additional or option space that may be utilized. 2. Net Leasable Area (LA): LA refers to the total usable area within a property that can be rented or leased. It excludes common areas, but it may include additional or option space. 3. Rentable Square Footage (RSF): RSF is the measurement used to determine the rentable area of a property. It typically includes the LA, plus a proportionate share of common areas, such as lobbies, corridors, and elevators. This measurement accounts for additional or option space that tenants may lease. 4. Usable Square Footage (USF): USF represents the total area within a property that can be used or occupied by tenants. It excludes common areas, and it may or may not include additional or option space, depending on the specific provisions outlined. 5. Expansion Rights: These provisions grant tenants the option to expand their leased space within a property at a future date, subject to certain conditions outlined in the lease agreement. Expansion rights allow for flexibility in accommodating an organization's potential growth or changes in space requirements. 6. First Right of Refusal: This provision enables a tenant to have priority in acquiring additional or option space within a property before it is offered to third parties. It grants the tenant the right to match the price and terms of any competing offer, thus providing an opportunity for controlled expansion. Understanding and utilizing these Ohio provisions for measuring additional or option space is crucial in effectively managing and maximizing the potential of a property. Property owners, tenants, and real estate professionals can make informed decisions regarding leasing, expansions, and strategic utilization based on accurate measurements and provisions outlined in lease agreements.
