Industry Terms and Definitions

1 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Go Dark
A clause in a retail tenant’s lease that allows a tenant to cease operations at a property if a defined event, such as the departure of an anchor tenant, should occur.
Government Office Building
A building that is owned (and typically occupied) by public sector entities.
Green Globes®
Founded in Canada in 1996, Green Globes is a green building guidance and assessment program that offers a way to advance the overall environmental performance and sustainability of commercial buildings. After achieving a minimum of 350 of the total number of 1,000 points, new and existing commercial buildings can be certified for their environmental achievements and sustainability by pursuing a Green Globes certificate that assigns a rating of one to four globes.
Gross Absorption
The total amount of space occupied over a given period of time, without subtracting the amount of space vacated. (Synonym: leasing activity)
Gross Building Area (GBA)
The total interior floor area of a building, usually measured from the innermost edge of the outside walls.
Gross Leasable Area (GLA)
A site calculated as the summation of all rentable areas plus all common areas of a building.
Gross Lease
A legally binding contract in which a landlord receives stipulated rent from a tenant and is obligated to pay all or most of the property’s operating expenses and real estate taxes. Note: Disclosure of the specified costs of operation is required in some states. (See Common Lease Types Matrix.) (Synonym: full service lease)
Ground Lease
A lease agreement (contract) whereby the landowner (lessor) agrees to lease a parcel of land for a set period of time to a third party (lessee). Depending on the agreement, the lessor can stipulate what the lessee can or cannot do with the property or build on the property. The lease term is typically 20 years or more, but many extend to 99 years. Upon expiration of the lease agreement, the lessor typically gains control and ownership of whatever is constructed on the land, unless the lease is renewed or an exception is created in the lease.