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.
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.