Full Answer
What does gross leasable area mean in real estate?
Definition of Gross Leasable Area. Gross Leasable Area means the total leasable square footage of buildings situated on Real Properties, excluding the square footage of any department stores. Sample 1. Sample 2.
How do you measure gross leasable area?
Gross leasable area is usually measured from the center of the wall separating tenants. Internal walls (but not those shared with other tenants) are incorporated into GLA.
What is included in gross leasable area GLA?
GLA typically includes mezzanines, basements, or upper floors, but shared areas, such as public bathrooms or maintenance areas. Gross leasable area is usually measured from the center of the wall separating tenants. Internal walls (but not those shared with other tenants) are incorporated into GLA.
What is net leasable area?
The net leasable area is the space within the leased unit that’s actually available to the tenant for use. This area excludes the external walls, as well as common areas and utility rooms, which are not contained within the unit.
How do you calculate gross leasable area?
To get the gross leasable area for one tenant, you would measure from the center of the common wall (shared with another tenant) to the outside face of the external wall. The external wall can be a shopfront, a window display, or just a flat wall. Regardless, it is included in the gross leasable area.27-Jun-2020
What does gross leasable area mean in retail?
Gross leasable area, or GLA, is the area in a commercial property designed for the exclusive use of a tenant. GLA typically includes mezzanines, basements, or upper floors, but shared areas, such as public bathrooms or maintenance areas.
What does leasable area mean?
Leasable Area means the total floor area designed for tenant occupancy and exclusive use. ... Leasable Area of the Building includes interior space even if it is occupied by projections, structures or columns (which may even be Common Elements).
What is included in gross floor area?
Generally, the gross floor area is the sum of the floor areas of the spaces within the building, including basements, mezzanine and intermediate-floored tiers, and penthouses with headroom height of 7.5 ft (2.2 meters) or greater.
How do you calculate leasable square feet?
First, find the total floor area of a building. Then, subtract all shared square footage to get total usable square footage. (The owner or owner's agent should be able to give you these numbers.) From there, divide the total floor space by the usable square footage, and you'll have your load factor.
What does gross area mean?
(See figure 3-2 below) Definition. The sum of all areas on all floors of a building included within the outside faces of its exterior walls, including all vertical penetration areas, for circulation and shaft areas that connect one floor to another.
What is net leasable area in real estate?
Related Content. The floor space that may be rented to tenants in a building. Depending on the agreed terms of a particular lease, the rental payments are usually based on the net leasable area of the leased premises.
What is Saleable area in real estate?
It refers to the area inside your house on which you can actually lay a carpet and physically move around. ... Super built-up area or saleable area is the total built-up area of your flat (explained above) plus your proportionate share of the common amenities in your building complex.It is also called the saleable area.
How do you calculate gross area?
Calculate the area of each square or rectangle by multiplying the length by height. Add up the area of each square or rectangle to obtain the total gross area.
Does gross area include balconies?
There is a gross floor area. There are no exclusions to the sum of the floor areas of the building. The spaces outside the building are not part of the GFA: Balconies.
Does GFA include garage?
Gross floor area includes halls, stairways, elevator shafts, on grade, and semi-subterranean, and subterranean garages, lofts and mezzanines, basements, and finished or habitable attics, except as otherwise defined or exempted in a specific Section of this Title. Gross floor area does not include subterranean garages.
What is GLA - Gross Leasable Area in Commercial Real Estate?
Gross leasable area, or GLA, is the amount of space in a commercial building that can actually be rented by a tenant.
Gross Leasable Area or Net Leasable Area?
In most cases, you as a tenant will be paying your rent based on Gross Leasable Area because you are responsible for a portion of the common area.
GLA And Gross Potential Rent
Since it's common in commercial real estate to calculate rent per square foot, investors can use the Gross Leasable Area to calculate Gross Potenti...
Examples of Gross Leasable Area (GLA) in a sentence
Gross Leasable Area (GLA) - the total floor area designed for tenant occupancy and exclusive use.
More Definitions of Gross Leasable Area (GLA)
Gross Leasable Area (GLA) means the total floor space designed for or capable of occupancy by tenants, measured from the centre line of joint partitions to the inside finished surface of outside walls, but shall exclude toilets, lift shafts, service ducts, vertical penetrations of floors, individual parking and loading bays.
Related to Gross Leasable Area (GLA)
Net Rentable Area as used herein, shall refer to (i) in the case of a single tenancy floor, all space measured from the inside surface of the outer glass of the Building to the inside surface of the opposite outer wall, excluding only the areas ("Service Areas") within the outside walls used for building stairs, fire towers, elevator shafts, flues, vents, pipe shafts and vertical ducts, but including any such areas which are for the specific use of the particular tenant such as special stairs or elevators and (ii) in the case of a multi-tenancy floor, all space within the inside surface of the outer glass enclosing the tenant occupied portion of the floor and measured to the midpoint of the walls separating areas leased by or held for lease to other tenants or from areas devoted to corridors, elevator foyers, rest rooms and other similar facilities for the use of all tenants on the particular floor (hereinafter sometimes called "Common Areas"), but including a proportionate part of the Common Areas located on such floor, entry floor or building service areas.
What is gross leasable area?
Gross Leasable Area means, in relation to a building, the area of all floors capable of being occupied for exclusive use, which area is measured from the centre lines of joint partitions or walls and from the outside faces of external walls or the building alignment, including shop fronts, basements, mezzanines and storage areas. Sample 1.
What is gross floor area?
Gross Floor Area means gross leasable area, common area and service area.2. Gross Leasable Area means the areas leased for anchor tenants and in-line tenants only.
What is retail floor area?
It is generally the floor area available for the exclusive use of a retail tenant measured to the outside face of exterior walls and the centerline of demising walls separating tenants. Includes basements and mezzanines.
What is an enclosed floor?
The total enclosed floor area designed for the exclusive use of an occupant, including any basements, mezzanines, or upper floors.
What is gross floor area?
GFA, or gross floor area, is a similar metric that describes the square footage of the building out into the external walls. Gross floor area also typically includes outside walkways, terraces, and roofs. GLA, in contrast, only takes into account internal walls, and even then, not those shared with other tenants.
Why is gross floor area important?
Gross floor area is important since it is often what commercial real estate brokers use to advertise a property. However, it is not an accurate measurement of the areas solely intended for tenant use, so this should be kept in mind.
Who Sets the Standards for GLA?
BOMA, the Building Owners and Managers Association, is an international building organization that sets standards for building measurement. On their website, they list specific guides for multifamily, office, retail, mixed-use, and other property types. It may be a good idea to check the most recently updated standards guide before attempting to conduct your own GLA assessment,
What is GIA in real estate?
GIA, Gross Internal Area is another metric that commercial real estate professionals use to calculate the floor area of a building during the leasing or sales process. GIA typically incorporates all the areas measured by the gross leasable area, but adds maintenance areas, ducts, machinery rooms, pumps, and public toilets.
What is GLA in a building?
GLA, or gross leasable area, or GLA, is the part of a commercial or multifamily building that is designated for use by the tenant alone. For multifamily buildings, this would include shared areas, such as apartment hallways, pools, rec centers, and building lobbies or leasing offices. For retail and office spaces, this might include basements, upper floors, but would typically exclude maintenance areas or public restrooms.
What is gross potential rent?
For example, a 15,000 sq. ft. building in a market with $20/sq. ft. leasing prices would generate a GPR of $300,000 per year. Gross potential rent is simply a measure of income, so this doesn’t count a landlord’s expenses such as a commercial mortgage. It also assumes 100% occupancy, which is generally unrealistic.
Is GLA the same as GFA?
If a building has only one tenant, the GLA and the GFA will be nearly the same, at least for the internal parts of the structure.
How is gross leasable area calculated?
If there are multiple tenants leasing different parts of the building, the gross leasable area is calculated based on the shared walls between them, plus those extras mentioned above.
What is Gross Leasable Area (GLA)?
After learning about the different types of floor area, you might be asking yourself what is gross leasable area then? The gross leasable area is the total area designed for exclusive use by a commercial tenant plus common areas, elevators, common bathrooms, stairwells, and other parts of the building the tenant doesn’t actually occupy.
What are structural members included in gross leasable area?
Any structural members – columns, arches, or truss structures – that are enclosed within the boundaries are also included in the gross leasable area.
What is net internal area?
Net internal area is the usable area available to occupants of the building. It’s calculated by taking the gross internal area and subtracting floor areas being used by: Lobbies. Machinery rooms on the roof. Stairs/escalators.
What is gross floor area?
Gross Floor Area (GFA) Gross floor area is the total area of the building measured all the way out to the external face of the external walls. In other words, it’s the total footprint of the building, multiplied by the number of floors.
Why is gross floor area important?
Here’s why gross floor area is important: It’s the public number that brokers use to advertise available space or calculate previous sales numbers. The city uses this number to determine planning numbers like the building’s density or floor space index. It’s used to calculate applicable levies.
What is a common building feature?
Some of this space will be dedicated to common building features and facilities, such as stairs, escalators, lifts, machinery rooms , pumping rooms, plumbing, ducts, vents, public toilet areas, and other service or maintenance rooms.
