Definitions

Terms

Available & Vacant Indicators

Term Description
Leased Area The area contained within a building that is currently under contract to a tenant, either directly with the landlord or through a sublet contract with a former tenant.
Occupied Area The area contained within a building that is currently physically occupied by employees of a tenant
Vacant Area The area contained within a building that is currently physically unoccupied by a tenant
Available Area The area contained within a building that is currently being marketed as available for lease with an immediate or future possession date
Direct Available Space available for lease from the landlord
Direct Available Vacant The portion of Direct Available space that is physically unoccupied by a tenant
Vacant and Leased Space that is both physically unoccupied and leased but not currently being marketed as available
Direct Vacant The sum of Direct Available Vacant and Vacant and Leased
Sublet Available Space available for lease from one of the tenants in the building for the remaining portion of their lease term
Sublet Vacant The portion of Sublet Available that is physically unoccupied or unoccupied by a tenant
Total Vacant Sum of Direct Vacant, Sublet Vacant, and Vacant but Leased
Total Vacant Rate Total of Direct Vacant, Sublet Vacant, and Vacant but Leased divided by Total Office Area
Total Available Sum of Direct Available and Sublet Available
Total Available Rate Total of Direct and Sublet Available divided by Total Office Area
Change in Occupied Area Difference (positive or negative) between total Occupied Area for current quarter/year and total Occupied Area from previous quarter/year.