GLOSSARY
Land TaxA tax imposed by governmental authorities on the value of land holdings. This tax is typically assessed annually based on the assessed value of the land and is separate from property taxes, which may also be levied on the buildings or improvements on the land. |
LandlordA landlord is the owner of a property who leases or rents out space to tenants in exchange for rental payments. Landlords are responsible for maintaining the property, collecting rent, and enforcing lease terms. |
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Leasable AreaAlso known as the rentable area, it is the total square footage of space within a commercial property that is available for lease to tenants. This includes usable space as well as common areas such as corridors, lobbies, restrooms, and mechanical rooms that may be shared among multiple tenants. |
Lease PeriodThe lease period, also known as the lease term, is the duration of time for which a commercial property is leased to a tenant. The lease period is typically specified in the lease agreement and can vary in length depending on the agreement reached between the landlord and tenant. |
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LesseeA lessee is a tenant who leases or rents space in a property from the landlord or lessor under the terms of a lease agreement. The lessee pays rent to the lessor in exchange for the right to use and occupy the premises for a specified period. |
LessorA lessor is the owner of a property who leases or rents out space to tenants in exchange for rental payments. The lessor retains ownership of the property while granting the lessee the right to use and occupy the premises under the terms of a lease agreement. |
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Life SciencesIt refers to a sector focused on companies and facilities involved in research, development, manufacturing, and distribution of pharmaceuticals, biotechnology products, medical devices, and related technologies. |
Load BearingIt refers to structural components of a building, such as walls, columns, or beams, that support the weight of the structure and transfer it to the foundation. Load-bearing elements are essential for the stability and integrity of a building. |
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Lobby AreasCommon areas are located at the entrance or main access points of buildings, such as office buildings, hotels, or apartment complexes. Lobby areas often serve as reception areas or gathering spaces for tenants, visitors, or guests and may include seating, reception desks, or other amenities. |
LocationLocation refers to the geographical position and surroundings of a property, which can significantly impact its value, demand, and suitability for various uses. |
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Lock-inA lock-in refers to a contractual provision that restricts the ability of either the landlord or the tenant to terminate or modify the lease agreement before a specified date or event. |
Logistic ParkA logistic park is a specialized type of commercial real estate development designed to facilitate logistics and distribution operations. These parks typically feature warehouses, distribution centers, storage facilities, and related infrastructure such as loading docks, truck parking, and transportation amenities. |
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LOI (Letter of Intent)A preliminary agreement between parties involved in a transaction outlining the key terms and conditions of a proposed deal. It serves as a roadmap for negotiations and typically covers aspects such as purchase price, lease terms, due diligence period, and other important considerations before a formal contract is drafted. |
Long Term ValuesRefers to the anticipated or realized appreciation in the value of a property over an extended period of time. This can be influenced by various factors such as location, market demand, economic conditions, and property-specific characteristics. |
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Low sideIt refers to the lower floors or levels of a multi-story building or development. Low-side spaces are typically located closer to the ground level and may have specific characteristics or uses distinct from upper floors. |
Low ZoneIt refers to an area or district within a city or municipality where building height restrictions or zoning regulations limit the construction of tall structures. Low zones are often designated for residential or low-density commercial development. |
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