built to suit

built to suit

An arrangement in which a property owner agrees to construct a building according to a tenant's exact specifications, and then to lease the property to the tenant, preferably on a long-term basis.

References in periodicals archive ?
The facility, which will be built to suit the customer's specific requirements, is expected to be completed in November 2012;
While Built to Suit appears to be a term more frequently used by industrial agents in recent times, go back 15 years or so and this approach to creating warehousing was very much the norm, says Jones Lang LaSalle's industrial partner, Carl Durrant.
As a result, Built to Suit or Design and Build, whichever term you wish to use, was relatively quiet, apart from very large and specialist warehouse buildings built for retailers like Sainsbury's and Tesco.
And so with the market focused on the take-up of existing stock created in the boom years, supply has begun to decline and once again we're getting back to our industrial roots of Built to Suit.
In 2010, the share of speculative and Built to Suit changed significantly, although speculative development still accounted for more than half the floorspace taken-up.
In the first quarter of 2011 - when only four units were taken-up - Built to Suit developments accounted for 65 per cent of the floorspace taken-up compared with 35 per cent for speculative floorspace.
It's not to say that Built to Suit is definitely the new speculative though, but it is gathering pace with the likes of Prologis, Gazeley and Goodman active in this sector.
Other notable Built to Suit projects include circa 450,000 sq ft for the co-op in Nottingham, 40,000 sq ft in Erdington, Birmingham for Selco Builders Merchants and two giant deals - One million square foot for M&S at East Midlands Distribution Centre and 840,000 sq ft at Daventry Industrial, Rail and Freight Terminal.
And there are a number of other occupiers in the market with requirements who are highly likely to go down the same Built to Suit root.
Three 11,000 s/f floors are immediately available for lease and will be built to suit.
This state-of-the-art building offers 6,000 square feet per floor that may be built to suit individual specifications.
Stephen Smith, WestJet President and CEO, said that "We have been exploring numerous options over the past year, including building our own facility, leasing one currently built, or having one built to suit our needs.