Learn Commercial Real Estate
I hope you have had a great week.
It is so exciting to see so many of you using your skills and ability to help your clients achieve their dreams.
Working in real estate can be challenging it is certainly not an easy business, and commercial real estate can be even tougher. Knowing the definition of key words often in commercial real estate can give you more confidence and solution finding opportunities.
These are some common words and definitions you should know.
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Describes a situation in which there is a minimum or limited amount of vacant office space available and many users are looking for office space. When this situation occurs, Landlords can raise rental rates and offer few, if any, concessions or allowances and still have little problem in leasing office space.
A building that has extra technical capabilities to provide computer-enhanced building management and operating efficiency.
A preliminary sketch or CAD drawing supplied by an interior architect, a Space Plan provides an office Tenant with the proposed layout and dimensions of interior walls, doors and furniture. A “pricing level” Space Plan often includes further details including details of plumbing for break areas and/or coffee bars, details of lighting and electrical outlets, locations of shelving and counter surfaces, etc. Pricing level Space Plans are often provided to general contractors who will provide preliminary budget pricing for planned Tenant Improvements.
A region or divided area (usually divided by geographic factors or dominant landmark), which is a subset of a larger primary real estate market.
Describes a situation in which there is a large amount of vacant office space available in a given market and few users (relative to the available supply) are looking for this office space. When this situation occurs, Landlords often lower rental rates and offer more and more valuable, concessions (free rent, expanded flexibility) or allowances (Tenant Improvement or Move Allowances) as inducements to Tenants planning to lease office space.
Let's try using these words when we are speaking this week.
Is your market a Landlords Market or a Tenants Market currently ?
Where are the SubMarkets where you are? What is happening in your SubMarket ?
Ask these questions and find out. Make it your business to become an expert with extensive knowledge in your market.
Small Things Make a Big Difference
Knowing these keywords and others can make conversing with commercial colleagues easier.
When I first began working in commercial, there were many times I was lost in the conversation. It wasn't until I began to take time to learn the words and definitions is when I began to take control and gain traction of my career. Maybe you know these and need to learn others.
Different Point of View
There are many definitions and words to know that pertain to your particular niche.
What Remains The Same
The more you know . The more you glow. Consider how you like learning and what you like learning about and go from there. Keep learning and keep growing.
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