A square foot is a unit of measurement of surface, which is most frequently employed to quantify the object of a commercial lease. A lease rate is, usually, expressed as $/square foot and is calculated according to the surface space that is being leased.
To define the rental space, the length and width of it are measured and multiplied. The result is the lease area square footage.
For example, a space that is 45 feet by 80 feet has an area of 3,600 square feet.
Usable Square Footage refers to the space that is being occupied, wall to wall. This does not, generally, include common areas, such as hallways, restrooms, lobbies, stairwells, storage rooms, etc. This does not apply to commercial tenants who lease entire floors of a building or an entire building, since such spaces are not shared with other tenants.
Rentable Square Footage includes usable square footage and adds a portion of the property’s shared space, that is space that is outside the occupied space and is of benefit to the tenant. This addition is referred to as “load factor,” or “common area factor.”
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