second-generation space

second-generation space

A term typically applied to office space that has had a prior tenant and so has some improvements that are reusable by a subsequent tenant,such as some walls,doors, ceiling treatments, and light fixtures. Contrast with first-generation space, which has never been customized for a tenant and consists of wide-open space with support columns, concrete flooring, and the concrete bottom of the floor above.

References in periodicals archive ?
The backfill second-generation space is being aided by the high cost of tenant finish-out.
Despite nearly 3 million square feet of second-generation space returning to the total Manhattan market, available space Downtown declined by more than six percent
Maybe we can best characterise the SpaceLiner by saying it's a kind of second-generation space shuttle, but with a completely different task," he told TechNewsDaily.
What is new for the tradeport is the lack of large single-tenant second-generation space.
To automatically default to valuing first-generation space as if it were second-generation space ignores the market's acceptance of the property.
The second-generation space appeals to retailers who are looking for a lower cost of occupancy, and it can be a good alternative in locations where the costs of land and new construction are prohibitive," Cooper explains.
We are entrepreneurs and have always adapted, and I believe developers and retailers will again adapt to the challenges and opportunities presented by second-generation space and in-fill locations as new development becomes less prevalent.
Tenants can get much better lease rates on second-generation space, which is helping fill a lot of buildings.
Strong retailers have been re-leasing several vacated big-box locations as second-generation space.
For example, GVA represents Modell's Sporting Goods, the privately held leading sporting goods chain, who look for second-generation space at below market rents.
LaGrassa: About 80% of deals are being done with second-generation space where the tenants have less money to spend fitting out and they are getting the benefit of what is already invested.
Nastran to simulate designs for such projects as Earth observation satellites, and the second-generation space telescope.