square footage

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square footage

The area of a space measured in feet.A rectangular parcel of land 100 feet wide by 150 feet deep is 100 150 1,500 square feet.For buildings,the measurements are usually taken at the outside walls.Leased space is measured in usable or in rentable square feet,which differ from each other. Usable square feet consist of the space capable of being occupied by the tenant. Rentable square feet may include a percentage add-on, such as ten percent increase over usable square feet,so that the tenant is paying rent on its proportionate share of the common areas in addition to its own space.Space is generally quoted as a certain number of square feet,“more or less.”This is because there have been successful lawsuits for fraud against real estate agents who represented that, for example, a house contained 2,050 square feet when it really measured out to only 2,000 square feet—a difference of one large closet.

References in periodicals archive ?
2-percent jump to $92 per square foot and Midtown's $137 per square foot, a seven-percent increase.
High Ridge Park in Stamford, a property never traded before, also saw vigorous bidding and was acquired by George Comfort & Sons for $171 per square foot.
Affinity Credit Leased Gale & Wentworths 125,000 square foot building at Mountainview in Bernards Township.
61 per square foot, four cents lower than September of last year.