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first-generation space

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first-generation space
Office space in a new building.First-generation space lacks walls,floor covering, ceiling tiles, and lighting; it has never been built-out.When comparing tenant improvement allowances among buildings under consideration for leasing office space, it is important to note if the space is first generation or second generation, because the build-out will typically be much more expensive in first-generation space. Even if second-generation space has to be completely reconfigured,there will still be some savings by the ability to reuse doors and light fixtures.


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To automatically default to valuing first-generation space as if it were second-generation space ignores the market's acceptance of the property.
The Turnpike Crossing building is, essentially, first-generation space, yet is already ideally fit-out for The Children's Place.
 
 
 
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