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 ?
Instead, he asked for a higher rent per square foot arguing that without a Loss Factor, his space was still less expensive than space being offered by competing landlords imposing high Loss Factors.
2) According to Real Capital Analytics, the following statistics apply to 2005 sales of Manhattan commercial properties worth a minimum of $5 million: $13.1 billion of total sales, 138 properties, 30.6 million square feet, $426 average price per square foot, 5.24% average cap rate.
"Even at $100 per square foot in construction costs, you'll spend just $6,000 to create something of character that breaks up a straight run corridor," says ThreeArchitecture's Dullard.
Major Manhattan retail corridors continued to see rents increase for ground floor space, as the median price per square foot climbed 12.5 percent from the same period last year, according to the Real Estate Board of New York's (REBNY) Fall Retail Report.
The average price per square foot set a record at $988, up 4.9% from the previous quarter average price per square foot of $942.
Average asking rent in the CBD dropped $3.18 per square foot, or 10%, Over the past year to $28.17 per square foot and $1.30 per square foot, or 5%, in the Non-CBD to $26.91 per square foot.
Approximately half of GE Commercial Finance's 221,000 square foot lease at Merritt 7, for one, counted towards absorption--the landlord relocated six tenants from the 201 Merritt 7 building to other buildings within the park to make way for the mega-tenant.
* Affinity Credit Leased Gale & Wentworths 125,000 square foot building at Mountainview in Bernards Township.
* Principals David Simon, Robert Dinner, Bill Cariste and Stan Simon closed an 18,000 square foot lease for Fremont Indemnity Company at Mount Kemble Corporate Center in Morris Township.
A 16,000 square foot lease on behalf of Meridian Health Realty Corp.
In separate transactions, Cari Lyon of Insignia/ESG negotiated a 9,560 square foot lease on the 20th floor for Newsnet, an Internet-related firm, and Gregory Collins of Julien J.
The company leased 24,000 square feet within Reckson's 48,000 square foot property at 933 Motor Parkway.