A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Cap Rate
Short for capitalization rate. Unleveraged initial yield on the investment expressed as the annual Net Operating Income divided by the property price (or asking sales price). [add CCIM variations of cap rate]
Ceiling Height
Distance from the floor to the inside overhead upper surface of the room. This measure will be higher than any hanging objects, beams, joists or truss work, unless there is a dropped ceiling.
Class A Buildings
A classification used to describe an office building with asking gross rents based on a specified range between the top 30-40% of the office rents in the marketplace. Class A buildings are well located relative to the needs of major tenant sectors in the marketplace. Building systems (mechanical, HVAC, elevator and utility) have capacities that meet both tenant current requirements as well as anticipated future needs. Building services are characterized by above average maintenance, management and upkeep. Buildings must exhibit more than one of the characteristics but need not exhibit all of the characteristics to be considered Class A. Because property characteristics in different markets vary dramatically, property class definitions will remain subjective.
Class B Buildings
A classification used to describe an office building with asking gross rents based on a specified range between the asking gross rents for Class A and Class C space. Class B buildings are in average to good locations relative to the needs of major tenant sectors in the marketplace. Building systems (mechanical, HVAC, elevator and utility) have adequate capacities to deliver services currently required by tenants. Building services are characterized by average to good maintenance, management and upkeep. Buildings must exhibit more than one of the characteristics but need not exhibit all of the characteristics to be considered Class B. Because property characteristics in different markets vary dramatically, property class definitions will remain somewhat subjective.
Class C Buildings
A classification used to describe an office building with asking gross rents based on a specified range between the bottom 10% to 20% of office rents in the marketplace. Class C buildings are in less desirable locations relative to the needs of major tenant sectors in the marketplace. Building systems (mechanical, HVAC, elevator and utility) have capacities that may not meet current tenant needs. Building services are characterized by the existence of below average maintenance, management and upkeep. These buildings generally depend chiefly on a lower price to attract tenants. Buildings must exhibit more than one of the characteristics but need not exhibit all of the characteristics to be considered Class C. Because property characteristics in different markets vary dramatically, property class definitions will remain somewhat subjective.
Clear Height
Distance from the floor to the lowest hanging ceiling member or hanging objects, beams, joists or truss work descending down into a substantial portion of the industrial work area. This is the most important measure of the interior height of an industrial building because it defines the minimum height of usable space within the structure. (Synonyms: Clear Headway, Clearance)
Column Spacing
The distance between posts or vertical supporting beams in the warehouse section of an industrial building. Column spacing defines the size of the bay and is usually expressed as width x depth.
Competitive Inventory
Single and multi-tenant buildings that are on the market available for occupancy.
Concessions
In negotiations to attract tenants, a landlord will sometimes grant concessions. These most often take the form of free rent but may also include lease buyouts, moving allowances and above-standard tenant improvement allowances. In a hot real estate market concessions are difficult to negotiate.
Concrete Block
A small modular component of a building made of pre-cast concrete. (Synonyms: Cinder Block, Concrete Masonry Unit (CMU))
Construction Starts
The total number of buildings or square feet where construction has been initiated as defined by the actual ground breaking. (See Under Construction.)
Contract Rent
The lease rates appearing in a signed contract of the lease. Typically the contract rate is the first year as opposed to the average rate over the term of the lease.
Conversion
A general term applied to the change in usage of space. Space being converted is removed from current inventory and included in the under construction statistics for its planned use. (Example: An office building being converted to an apartment will be removed from current office inventory and included in the total of apartment space under construction.)
Cross Dock
A loading dock situated along two walls of the same building where goods are transferred from vehicle to vehicle for further distribution.