- situs: the location of a property.
- security deposit: Generally, a deposit of money by a tenant with a landlord to secure performance of a lease.
- shell space: The interior condition of either a new of existing building without improvements or finishes. Typically denotes floor, windows, walls and roof of an enclosed premises. May include some electrical or plumbing improvements.
- straight lease (flat lease) A lease specifying the same, a fixed amount, of rent that is to be paid periodically during the entire term of the lease. This is typically paid out in monthly installments.
- subletting: The Lease of space from one tenant to another tenant.
- surrender: the cancellation of a lease by mutual consent of the tenant and the landlord.
- tenant improvements (TI): Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.
- tenant in common: Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of surviviorship.
- tenant representation: Arrangement whereby a prospective tenant engages a real estate broker as its exclusive agent in negotiating a lease for a commercial space.
- triple net (NNN): Generally refers to the requirement for the lessee to pay for its share of the property's taxes, insurance and operating expenses.
- usable Square Footage Usable square footage is the area contained within the demising walls of the tenant space. Total usable square footage equals the net square footage x the circulation factor. Also see: Circulation Factor and Net Square Footage.
- variance: Government authorization to use of develop a property in a manner which is not permitted by the applicable zoning regulations.
- waiver: the intentional relinquishment or abandonment of a specific claim, privilege, or right.
- women's council of REALTORS®(WCR) The Women's Council of REALTORS® provides an extensive referral network and education programs for personal and career growth as well as opportunities for increasing productivity and financial security. WCR offers the Leadership Training Graduate (LTG) designation and the Referral and Relocation Certification (RRC). WCR has more than 14,000 members in 300 local chapters and 38 state chapters.
- work letter: An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.
- zoning ordinance: A law by a governmental authority (e.g. city or county) that sets the parameters for which the property may be put to use.
Glossary of Commercial Real Estate Terms: S-Z
