Glossary of Terms
Agent: One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied.
Agreement: A general term usually describing a common view of two or more people regarding the rights and obligations of each with regard to a given subject. Not necessarily a contract, although all contracts are agreements.
Amenities: Those settings or improvements to property which residents. For example, a poll, a view, etc.
Amortization: Payment of debt in regular, periodic installments or principal and interest, as opposed to interest only payments. (See also: Balloon Note, Straight Note).
Amortize: To reduce a debt by regular payments of both principal and interest, as opposed to interest only payments.
Annual Debt Service: Yearly amount of principal and interest payments of debt service. (See Debt Service).
Appraisal: An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications.
Appreciation: An increased value of property due to either a positive improvement of the area or the elimination of negative factors. Commonly, and incorrectly, used to describe an increase in value through inflation.
Arbitration Clause: A clause in a lease calling for the decision of a third party (arbiter) regarding disputes over future rents based on negotiation. Also used in construction contracts, disputes between brokers, etc.
Assessment: To make a reliable valuation of the property for the purposes of taxation.
Assignment: The manner by which a right or contract is transferred from one person to another.
Attorney-In-Fact: One who is appointed to act (as agent) for another (principal) under a power of attorney. The scope of the agent’s authority is limited to that given by the power of attorney, which may be limited to one specific act or may be broader. (See also: Power of Attorney).
Balloon Note: A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a “balloon” is due at maturity.
Base Rent: A specific amount used as a minimum rent in a lease which uses a percentage or overage for additional rent.
Base Year: The year upon which a direct expense escalation/pass through of rent to a tenant is based. (See also: Escalation Clause).
Basis Point: A finance term meaning a yield of 1/100 of 1% annually.
Book Value: The value of a property as a capital asset (cost plus additions to value, less depreciation).
Bond: The indication of a personal debt which is secured by a mortgage or other lien on property.
Brokerage: The act of bringing together principals (buyer-seller; landlord-tenant; etc.) for a fee or commission, rather than acting as a principal.
Broker, Real Estate: One who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together buyer and seller, landlord and tenant, or parties to an exchange.
Build To Suit: A method of leasing property whereby the lessor builds to suit the tenant (according to the tenant’s specifications). The cost of construction is figured into the rental amount of the lease, which is usually for a long term.
Building Code Regulations: instituted by state or local governments declaring the structural requirements for a building.
Cancellation Clause: A clause in a lease or other contract, setting forth the conditions under which each party may cancel or terminate the agreement. The conditions may be as simple as giving notice or complex and require payments by the party desiring to cancel.
Capital Expenditures: Money spent on improvements such as land, building, machinery, and similar major expenditures which are not inventory.
Capital Gains: Gains realized from the sale of capital assets. Generally, the difference between cost and selling price, less certain deductible expenses. Used mainly for income tax purposes.
Capitalization: Determining a present value of income property by taking the annual net income (either known or estimated) and discounting by using a rate of return commonly acceptable to buyers of similar properties. For example: Net income of a property is $10,000 per year. Capitalizing at a rate of 10%, the property would be worth $100,000.
Capital Improvement: Any construction built as a permanent betterment to real estate, usually extending the useful life and value of a property.
Capitalization Approach: See Income Approach.
Capitalization Rate: The percentage (acceptable to an average buyer) used to determine the value of income property through capitalization.
Capitalize: To determine the present money value of future income, whether estimated or fixed.
Capitalized Value: The value of the property after use of the capitalization approach of appraisal.
Cash Flow: In investment property, the actual cash the investor will receive after deduction of operating expenses and debt service (loan payment) from his gross income.
Clear Span: An interior area which does not use columns or posts to hold up the roof, thereby creating a large, open area with maximum visibility and use of the floor space.
Client Traditionally: One who employs and attorney. Has loosely been used to refer to the principal of a real estate agent, insurance agent, stock broker, etc.
Commission: An amount, usually as a percentage, paid to an agent (real estate broker) as compensation for his services. The amount to a real estate broker is generally a percentage of the sale price or total rent.
Common Area: The area owned in common by the owners of condominiums or planned unit development homes in a subdivision. Also the area shared, used by, or accessible by all tenants in a leased property.
Concrete Tilt-Up: An inexpensive method of constructing walls by pouring concrete into form flat on the ground, allowing to harden, then raising the forms by a crane or block and tackle to a vertical position, thereby forming the wall.
Condemnation: The taking of private property for public use without the consent of the owner, but only upon payments of just compensation.
Construction Loan: Short term financing of real estate construction. Generally followed by long term financing called a “take out” loan, issued upon completion of improvements.
Contract: An agreement between two or more persons or entities which creates or modifies a legal relationship. Generally based upon offer and acceptance.
Core Factor (also known as Loss Factor): A multiplier which is added to a tenant’s useable square footage for that tenant’s prorated share of common areas within the building which support the tenant space. These support areas include Restrooms, Mechanical and Electrical room, Egress corridors, Elevator Lobbies and the Main building Entrance Lobby.
Corner Bead: A reinforcement placed in corners before plastering. Commonly a strip of iron with metal lath.
Cost Of Living Index: A government indicator of the increase or decrease of living costs for the average person on a monthly basis.
Curtain Wall: An outside wall which lends no structural support to a building, but acts merely to enclose.
Debt Service: Yearly sum to be paid by debtor on a commitment to pay back borrowed money.
Deed: Actually, any one of many conveyancing or financing instruments, but generally a conveyancing instrument, given to pass fee title to property upon sale.
Deed In Lieu Of Foreclosure: A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on “fairness” under the circumstances, and adequacy of consideration will be considered.
Deed Of Trust: An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full.
Discontinued Cash Flow: The present value of future cash flow, determined by a given discount rate.
Dual Agency: The representation of opposing principals (buyer/tenant and seller/landlord) at the same time. Full disclosure must be made and approval granted by the principals in many states.
Eminent Domain: A government right to acquire private property for public use by condemnation, and the payment of just compensation.
Equity: The money value of a property or an interest in a property in excess of claims or liens against it.
Errors and Omissions Insurance: Insurance covering losses caused by errors and omissions of professions other than medicine. Used by banks, real estate companies, escrow companies, etc.
Escalation Clause: A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as (1) Fixed increase-A clause which calls for a definite, periodic rental increase, (2) Cost of living-A clause which ties the rent to a government cost of living index, with periodic adjustments as the index changes. (3) Direct expense-The rent is adjusted according to change in the expenses of the property paid by the lessor, such as to increases, increased maintenance costs, etc.
Escrow Delivery: of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event. Modernly, in come states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.
Estoppel: The prevention of one from asserting a legal right because of prior actions inconsistent with the assertion.
Exclusive Listing: A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker if certain real property of the owner is sold during a stated period regardless of whether the broker is or is not the cause of the sale. The broker promises to put forth his or her best efforts to sell the property, and may make specific promises as to advertising or other promotion in certain instances.
Fiduciary One: acting in a relationship of trust, regarding financial or property transactions.
Foreclosure: A proceeding in or out of court, to extinguish all rights, title and interest of the owner(s) of property in order to sell the property to satisfy a lien against it.
Full Service (or
Gross) Lease: A lease requiring the landlord to provide and pay for all maintenance, upkeep, repairs, janitorial services, waste removal, utilities, insurance, taxes, and other operating expenses for a property in return for a fixed periodic rent from the tenant. A Full Service lease customarily provides for a base year for operating expenses and taxes above which the tenant is responsible for future increases.
General Contractor: One who contracts for the construction of an entire building or project, rather than for a portion of the work. The general contractor hires subcontractors, such as plumbing contractor, electrical contractors, etc., coordinated all work, and is responsible for payment to the said subcontractors.
General Partner: A member of a partnership who has authority to bind the partnership must have at least one general partner and may have more, as well as limited partners.
General Partnership: A partnership made up of general partners, without special (limited) partners. (See also: Limited Partnership).
Graduated Leases: A lease which provides for graduated alterations at specific intervals in the amount of the rent to be paid. This is found more commonly in long-term leases.
Grantee One: to whom a grant is made. Generally, the buyer.
Grantor One: who grants property or property rights.
Gross Lease: See Full Service (or Gross) Lease definition.
Ground Lease: A lease of vacant land or land exclusive of any buildings on it. Usually a net lease.
Holdover Tenant: A leaseholder who remains in possession of the real estate after the close of a lease term.
Industrial Park: A subdivision in the pattern of residential subdivisions, except catering to the needs of industry. Off-site improvements may have stronger roads, heavy plumbing and wiring, wider streets for trucks, rail spurs, and other necessities for industry.
Industrial Property: (1) Land which is zoned industrial. (2) Real property improved specifically for industrial use.
Interest Only Mortgage: A mortgage under which the principal amount borrowed is repaid in one payment. Periodic interest payments are made.
Interest Rate: The percentage of an amount of money which is paid for its use for a specified time. Usually expressed as an annual percentage.
Investment Property: Generally, any property purchased for the primary purpose of profit. The profit may be form income or from resale.
Investment Trust: A company which sells its own stock and invests the money in stocks, real estate, or other investment. (See also: R.E.I.T)
Landlord: An owner of leased real estate.
Latent Defect: A hidden or concealed defect. One which could not be discovered by inspection, using reasonable care. In legal descriptions, a latent defect may be corrected, and a totally new description not necessary.
Lease: An agreement by which an owner of real property (lessor) gives the right of possession for another (lessee or Tenant), for a specified period of time (term) and for a specified consideration (rent).
Leasehold Improvements: Improvements made for the benefit of the Tenant. They may actually be performed by either landlord or tenant. (See also: Tenant Improvements.)
Leasehold: interest The interest which the lessee or tenant has in the value of the lease itself in condemnation award determination. The difference between the total remaining rent under the lease, and the rent tenant would currently pay for similar space for the same time period.
Leasehold Value: The value of a leasehold interest. Usually applies to a long term lease when market rental for similar space is higher than rent paid under the lease. Some states allow the tenant to claim the leasehold value against the landlord in eminent domain proceedings, unless specifically prohibited by the lease itself. Other states, by statue, do not allow for such a claim. (See also: “No Bonus Clause”).
Lease With Option To Purchase: A lease under which the tenant has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period.
Lessee (or Tenant): The party to whom a lease (the right to Possession) is given in return for a consideration (rent).
Lessee (or Tenant’s) Interest: In appraising the value of a lessee or Tenant’s interest to determine the value of a potential sublease of assignment (sale) of the lease, the value is the market value of the property, less the interest of the lessor. The lessor’s interest would be largely determined by the ratio of the return on the lease to the market value without the lease.
Lessor: The party (usually the owner) who gives the lease (right to possession) in return for a consideration (rent).
Lessor’s Interest: The present value of the future income under the lease, plus the present value of the property after the lease expires (reversion).
Letter Of Attornment: A letter from a grantor to a tenant, stating that the property has been sold, and directing rent to be paid to the grantee (new owner).
Letter Of Intent: A formal method of stating that a prospective developer, buyer, or tenant, is interested in property. Not an offer and creates no obligation. However, a builder who wants to build an office building, for example, may influence a lender by showing letters of intent from major prospective tenants.
Lien: An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.
Limited Partnership: Used in many real estate syndications; a partnership consisting of one or more general partners who conduct the business and are responsible (liable) for losses, and one or more special (limited) partners, contributing capital and liable only up to the amount contributed.
Line Of Credit: An amount of money a borrower may obtain from a bank without a special credit check. The money is generally for business purposes and the amount would not include the borrower’s own home loan and other personal secured loans.
Liquidated Damages: A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract. A predetermined estimate of actual damages from a breach.
LIS Pendens: A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
Listing: An agreement between a principal and agent authorizing performance of services by the agent for the principal involving the principals’ property.
Listing Agent: A real estate agent obtaining a listing (see which), as opposed to the selling agent.
Live Load: (1) Variable weight in a building, such as furniture and people, as opposed to the fixed weight of the building itself (dead load). (2) The weight of cargo in a truck which is taxed by weight. (3) The weight of traffic over a bridge.
Load: (1) A weight carried or supported by something, such as supported by “load-bearing” members of a building, or the weight carried in a ship, truck, etc. (2) The power of an electrical charge.
Loan Constant: The yearly percentage of interest which remains the same over the life of an amortized loan, based on the monthly payment in relation to the principal originally loaned. For example: A $1000 loan at 9% interest for 20 years can be amortized at $9.00 per month. The constant interest rate is figured by finding one year’s payments ($9.00 x 12 months = $108.00), and expressing this amount as a percentage of the principal originally borrowed (10.8% of $1000).
Loan Origination Fee: A one time set up fee charged by the lender.
Loan Ratio: The ratio, expressed as a percentage, of the amount of a loan to the value or selling price of real property. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by statute.
M.A.I. (Member Appraisal Institute): The designation given to a member of the American Institute of Real Estate Appraisers. A designation earned through experience, education and examination.
Market Value: The price at which a buyer and a seller would agree. This is usually the highest price a buyer would pay and the lowest seller would accept.
Master Lease: A lease controlling subsequent leases. May cover more property than subsequent leases. For example: “A” leases an office building, containing ten offices, to “B”. “B” subsequently leases the ten offices individually. The ten leases from “B” as lessor are controlled by the lease from “A” to “B” (master lease).
Mechanics Lien: A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.
Mortgage: (1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.
Mortgage-Backed Securities: Securities (certificates) which represent an interest in a pool of mortgages. The principal and interest is collected by the securities seller and distributed to the holders of the securities, minus a fee for administering the pool. Since the distributed funds simply pass though the hands of the administrator to the investors, the term “pass-through certificates” is also used.
Mortgage Banker: A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker uses its own funds, these funds are generally borrowed and the financing is either short term or, if long term, the mortgages are sold to investors (many times insurance companies) within a short time.
Mortgage Broker: One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker.
Mortgagee: The party lending the money and receiving the mortgage. Some states treat the mortgagee as the “legal” owner, entitled to rents from the property. Other states treat the mortgagee as a secured creditor, the mortgagor being the owner. The latter is the more modern and accepted view.
Mortgagor: The party who borrows the money and gives the mortgage.
Mullion: A vertical bar separating panes of a window or panels of a door. Also an upright framing member of panels or wainscoting.
Net Income: The difference between adjusted gross income and operating expenses. May or may not include depreciation.
Net Lease: A lease requiring the tenant to pay in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net, and other such repetitions are uses. Under a triple net lease, a tenant may agree to manage the property, maintain the building, and pay all costs, including taxes, and insurance. Basically, the owner becomes a limited participant with diminished responsibilities and the tenant gains greater control of the operation and administration of the building/premises.
Net Rental: Rental over and above the expenses of the property.
New Construction: Commercial projects that are in some phase of their base building construction (beginning with excavation and ending with the issuance of the Certificate of Occupancy).
NNN Lease: See Net Lease above.
Notice to Quit: A notice by a landlord to a tenant to vacate rented property. There are two types: for nonpayment of rent or a second type for any other reason. Usually the notice for nonpayment allows less time to vacate.
Novation: Substitution of a new contract, debt, or obligation, for an existing one, between the same or different parties.
Offer and Acceptance: Necessary elements of a contract to sell real estate. (See also: Offer; Acceptance).
One Hour Door: A fire resistant door; one which will hold back a fire for a minimum of one hour.
One Hour Wall: A fire resistant wall; one which will hold back a fire for a minimum of one hour.
Operating Expenses: The cost of operating an income producing property, such as management, utilities, and similar day to day expenses, as well as taxes, insurance, and a reserve for replacement of items which periodically wear out.
Percentage Lease: A lease, generally on a retail business property, using a percentage of the gross or net sales to determine the rent. There is usually a minimum or “base” rental, in the event of poor sales.
Performance Bond: A pledge used to assure the specific completion of a venture in agreement with a contract.
Poststressed Concrete: Placing cables, in metal casing, in wet concrete. When the concrete dries, the cables are stretched, and the casing filled with grout. When the grout dries, the cables are released, transmitting the stress of the concrete.
Power of Attorney: An authority by which one person (principal) enables another (attorney in fact) to act for him. (1) General power – Authorizes sale, mortgaging etc. of all property of the principal. Invalid in some jurisdictions. (2) Special power – specifies property, buyer’s price and terms. How specific it must be varies in each state.
Prestressed Concrete: Stretching wire or other reinforcement in wet concrete, then releasing it after the concrete has dried, causing the tension (stress) toward compaction of the concrete.
Principal: (1) The person who gives authority to an agent or attorney (see attorney-in-fact). (2) Amount of debt, not including interest. The face value of a note, mortgage, etc.
Procuring Cause: A direct cause of an event, or the direct cause of a series of causes leading to an event. A broker is entitled to a commission under an open listing if proven to be the procuring cause of a sale.
Property Management: The branch of the real estate business dealing with the management of property. The property may be a rented house or a large office or industrial complex. The duties may range from merely collecting rents to complete management of all maintenance and may also include being leasing agent or sales agent.
Quiet Enjoyment: The right of an owner or tenant to use property without interference.
Ratification: Affirming a prior act which was not legally binding; the affirmation gives the act legal effect. Occurs when and unauthorized agent acts, and the principal later affirms the action, giving authority retroactively.
Real Estate: (1) Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property if not attached. The term is generally synonymous with real property, although in some states a fine distinction may be made. (2) May refer to rights in real property as well as the property itself.
Real Estate Owned: The real estate owned by a lending institution. Handled by its R.E.O. department.
Recourse: The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment, not just to the property.
Reinforced Concrete Construction: The use of reinforced concrete in the load-bearing members, such as the frame, foundation, walls, floors, etc.
Reinforcing: (1) The strengthening of concrete by positioning metal rods, mesh, etc. in said concrete when wet. (2) The strengthening of any members by propping or adding additional material.
R.E.I.T. (Real Estate Investment Trusts): A method of investing in real estate in a group, with certain tax advantages. Federal and state statutes dictate procedure.
Renegotiation: An attempt to agree on new terms to an existing contract (in real estate, usually a lease). A lease, for example, may call for renegotiation of rent after 5 years. Since renegotiation needs agreement of the parties, a set formula to determine the rent, such as an escalation clause, would not be renegotiation. Arbitration may be provided for in the event renegotiation fails.
Renewal: (1) To cause a lease to begin again for another term. (2) To rebuild, as in urban development (urban renewal).
Renewal Option: The right of a tenant to renew (extend the term of) a lease for a state period of time and rent which can be determined.
Rent: Consideration paid for the occupancy and use of real property. A general term covering any consideration (not only money).
Rentable Area: The area (square footage) for which rent can be charged. For example: An office building would not rent the space used for stairways, elevators and other vertical penetrations.
Replacement Cost: Typical expense of precise duplication of a property as of a certain date.
Sales Contract: A contract between a buyer and a seller covering the terms of sale.
Security Deposit: Commonly a deposit of money by a tenant to a landlord to secure performance of a written or oral rental agreement.
Short Term Lease: A general term indicating a lease less than five years in some states, under ten years in others.
Site: A general term signifying a plot of land suitable or set aside for any specific use.
Site Development: All improvements made to a site before a building may be constructed, such as grading, utility installation, etc.
Space Plan: A plan developed from the approved space program for the entire space requirement. This plan will define the final space configuration and will include room by room identification and size, type of work station (closed office, shared office, systems work station), furniture layout in specialty areas, and level of design and finish.
Space Program: A report and tabulation prepared by a qualified Space Planning Professional which defines the space requirements for the office user. This program will qualify the tenant’s current space usage by department and type of space as a bench mark and then, based on interviews, observation and experience, extrapolate growth and/or contraction projections to define future space needs. The space program will also evaluate the tenant’s facility and community needs such as location, access and local amenities, base building mechanical, electrical and communication requirements and architectural aesthetics.
Square Foot: The area contained by boundaries of 1 foot long and 1 foot wide. There are 9 square feet in one square yard.
Square Foot Cost: The cost of one square foot of floor space in a building or of land. Usually used to determine rental price of a building. When used for land, usually to determine a sale price.
Standby Commitment: A commitment to issue a loan, usually for a term of one to five years, after completion of construction, in the event a permanent loan cannot be obtained. The standby loan is usually at a higher interest rate than a permanent loan, and a standby fee is charged.
Step-up Lease (Graded Lease): A lease calling for set increased in rent at set intervals.
Straight Lease (Flat Lease): A lease calling for the same amount of rent to be paid periodically (usually monthly) for the entire term of the lease.
Subletting: A leasing by a tenant to rent to another the property one is renting.
Tenancy: The paying of rent to occupy a building or space.
Tenant (or Lessee): (1) A holder of property under a lease or other rental agreement. (2) Originally, one who had the right to possession, irrespective of the title interest.
Tenant Improvements: Improvements to land or buildings to meet the needs of tenants. May be new improvements or remodeling, and be paid for by the landlord, tenant, or part by each.
Tenant Representative: An advisor who works exclusively for the tenant of space and not the landlord.
Test Fit: A test fit is a space plan developed from a typical or generic set of program requirements which is used to determine the space efficiency and the total space required for a prospective building or space. This plan is also used to prepare preliminary estimates for the cost to construct the space.
Triple Net Lease: See definition of Net Lease above.
Turn Key: Referring to an owner making a property ready for a tenant to begin business by having the tenant furnish only furniture, phone, and inventory, if any. Ready to “turn the key” in the front door and begin business.
Two Hour Door: A door with a resistance to fire, so that it would take a fire two hours to burn through it.
Two Hour Wall: A wall with a resistance to fire, so that it would take a fire two hours to burn through it.
Usable Area: The area within a building which is available to the tenant for placement of wall and doors, furniture and equipment, and to conduct business. This area includes circulation corridors and path ways which are not shared by any other tenants on the floor.
Warranty Deed: A deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were by important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.
Zoning: The division of a city or county by legislative regulations into areas (zones), specifying the uses allowable for the real property in these areas.
Zoning Ordinance: A law (generally at the city or county level) controlling the use of land and construction of improvements in a given area (zone).
Outline of Key Lease Agreement Issues For Consideration in All Leases
The Serten Advisors team has outlined the top lease agreement issues that should be addressed in connection with the structuring, restructuring, negotiating and drafting of a lease agreement. Issues include, but are not limited to: design and construction of tenant improvements; operating costs and real estate taxes; condition; repair and maintenance of demised premises; and insurance.
LEED/Sustainable Office Space Initiatives: Why Should Your Organization Consider Them?
Leadership in Energy and Environmental Design (LEED) serves as the benchmark for the design, construction and operation of high performance green buildings and commercial interior spaces. In this document, Serten Advisors explains the direct business benefits of sustainable office space, why your occupancy is important to the environment, what you can do to create a more sustainable office and how the Serten Team can help you meet sustainable office space objectives.
Sample Space Standards
This file includes examples of typical furniture options and layouts related to the topic of space standards. The illustrations are intended to help clients connect the numbers associated with workplace standards to real life furniture choices and what it means to a workspaces.