Industry Terms and Definitions

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Face Rate
(See Asking Rent)
Flex Facility
As its name suggests, an industrial building designed to be used in a variety of ways. It is usually located in an industrial park setting. Specialized flex buildings can include service centers, showrooms, offices, warehouses and more. (Typical characteristics are shown in the Industrial Building Types Matrix.)
Floor Area Ratio
FAR is the relationship between the total square footage of a building and the total square footage of the parcel on which the building is located. It is typically calculated by dividing the total square footage of the building by the land area in square feet. For example, if a 20,000-square-foot building is built on a 10,000-square-foot lot, the FAR is 2.0.
Floor Plate
The gross square footage of each floor in a multistory building. Individual floor plate sizes may vary according to the design of a building.
A stand-alone retail structure that is not part of a complex (i.e., bank, bowling alley, Walmart, etc.). (See Retail Building Types Matrix.)
Fulfillment Center
An industrial property type that enables goods to be efficiently moved or transported from a warehouse directly to a consumer. (Typical characteristics are shown in the Industrial Building Types Matrix.)
Full Service Lease
(See Gross Lease)
Functional Obsolescence
A descriptive term used to characterize a building that cannot be improved to meet current market standards or tastes without a complete replacement of buildings systems and finishes.