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What is the eGrid? A colocation data center vs. an edge data center? Speed bay? As the commercial real estate industry continues to evolve, new concepts, ideas and terms emerge. To recognize those changes, and to make them clearer to those in the profession, the NAIOP Research Foundation has updated its Commercial Real Estate Terms and Definitions.

In 2004, the NAIOP Research Foundation funded a project to identify and define key words and concepts in the commercial real estate (CRE) field. The goal was to provide a document that included standardized terminology for the CRE industry. The glossary has been updated through the past two decades to reflect emerging industry terms and trends.  

The new 2024 edition of Commercial Real Estate Terms and Definitions includes nearly 250 terms, with many that have grown in importance since the first edition, such as those related to last-mile distribution and cold storage. It also includes a new section on environmental, social and governance (ESG) building certification standards. The building type and classification matrices have also been updated to match current design standards for new construction.

Below are some examples of terms that have been added to the glossary:

• Bulk storage
• Colocation data centers
• Core fund
• eGrid
• Edge data centers
• Entry cap rate
• Environmental product declaration
• Gateway fulfillment centers
• Horizontal improvements
• Multi-market fulfillment centers
• Opportunistic fund
• Pick mezzanine
• Pit leveler
• Real estate as a service
• Speed bay
• Transferable development rights

“We know that if commercial real estate firms use commonly-understood terms, collaboration is easier, deals will close more quickly, and our industry can continue evolve into a more modern marketplace,” said NAIOP’s president and CEO Marc Selvitelli. “NAIOP sets the standard for ensuring that communication in the commercial real estate industry is clear and consistent.”