Bare shell

Bare shell refers to a property or space that is delivered to tenants or buyers in a basic, unfinished condition. A bare shell space usually lacks interior finishes, such as flooring, walls, ceiling, lighting, and sometimes even basic utilities.

Basements

A basement refers to the sublevel of a building that is partially or completely below ground level. Basements are versatile spaces and can be used for storage, recreation, additional living space, or utility functions.

Beneficiary

A beneficiary is someone designated to receive benefits or rights from a trust, will, or legal arrangement related to property ownership. This could include receiving rental income, property sale proceeds, or ownership rights as specified in the legal documents governing the transaction.

Blocks

The term blocks is used to describe large parcels of land or groups of properties that are developed or managed together. For example, a real estate developer might acquire several adjacent properties as a block for a unified development project.

BMS

A Building Management System (BMS) is a computer-based system installed in buildings to control and monitor mechanical and electrical plants, including; HVAC (heating, ventilation, air conditioning), lighting, power systems, fire systems, and security systems.

Break out areas

Breakout areas typically refer to spaces within a property or a development that are designated for relaxation, collaboration, or informal gatherings.

Brokerage

Brokerage refers to the business or activity of acting as an intermediary between buyers and sellers of real property.

Built-to-Suit

Built-to-Suit refers to the construction of a property customised to meet the specific needs of a tenant. The tenant collaborates with a developer to design and build a space that aligns with their operational requirements.

Built-up-area

The built-up area in real estate refers to the total floor area of a building, including all covered spaces such as living spaces, hallways, staircases, and utility rooms. It is the sum of the carpet area and the thickness of the walls, common areas, and other structural elements.

Business

The term “business” typically refers to the activities and transactions associated with buying, selling, leasing, managing, and investing in real property.

Business District

A business district refers to a specific area within a city or urban center that is primarily dedicated to commercial and business activities.

Buydown

A buydown refers to a financing arrangement where the seller, buyer, or lender subsidizes the mortgage by lowering the interest rate for a certain period at the beginning of the loan term.

Buyer

A buyer refers to an individual or entity that intends to purchase a property. The buyer is the party entering into an agreement with the seller to acquire ownership of real estate.

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GLOSSARY