Industry Terms and Definitions

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Basis Points (BPs)
Values equal to one-hundredth of one percentage point. For example, 100 basis points = 1 percentage point.
Bay Depth
The distance between columns. (Synonyms: clear span, column spacing)
Bay Width
The distance from one side of the bay to the other.
Big Box
A freestanding structure occupied by a dominant retailer such as Home Depot. (See Retail Building Types Matrix.)
Biotech Space
Highly specialized laboratory or research and development space. The space is uniquely configured and is typically developed to the needs of the biotech tenant. It may require significant retrofit should the tenant vacate the space. The space is often characterized by robust mechanical, electrical and plumbing systems, as well as by sophisticated ventilation systems to accommodate the highly specialized and complex activities that occur inside and that involve the handling of chemicals, drugs and biological matter.
Blend and Extend
A blend and extend lease is a type of renewal that allows tenants to blend their existing lease into a new and longer lease. If a tenant is paying rent that is above current market rents, this arrangement will lower the current rental rate. The tenant benefits by an immediate reduction in the rental rate, and the landlord benefits by securing a tenant for a longer term. Conversely, if rents are rising quickly and lease expiration is approaching a tenant may renew early and extend to lock in lower rates.
The point at which an additional lease rate kicks in. For example, in addition to base rent, after a certain amount of sales revenue is generated in a month, a retailer will pay the landlord some percentage of in-store sales, typically about 5 percent.
Abandoned, idled, or underused land or facilities where expansion or redevelopment is complicated by real or perceived environmental contamination.
A building is designed and tailored for a specific tenant, often because the tenant is unable to find suitable space in the speculative market. Sometimes (but not always), a build-to-suit project includes specific design features not commonly found in the speculative market, thus compelling the tenant to have a special facility built. The build-to-suit project is usually contracted with a developer who owns and operates the completed facility occupied by the tenant. Generally, a build-to-suit project becomes a single-tenant building upon completion.
Buy Online and Pick up in Store (BOPIS)
(See omni-channel retail.)
Buy Online and Return in Store (BORIS)
(See omni-channel retail.)