first-generation space

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.
References in periodicals archive ?
To automatically default to valuing first-generation space as if it were second-generation space ignores the market's acceptance of the property.
This demand/acceptance is strengthened when there are similar properties in a marketplace continuing for a number of years as first-generation space even when these properties do not change hands.
Second-generation sales may have a utility equal to or less than first-generation space.
If the second-generation space is able to capitalize on all of the utility of the development, the difference between it and first-generation space may be minimal or nonexistent.
The Turnpike Crossing building is, essentially, first-generation space, yet is already ideally fit-out for The Children's Place.