Industry Terms and Definitions

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Phantom Space
(See Shadow Space)
Pop-up Retail
A retail store, restaurant or kiosk intentionally designed to be in a location for a finite amount of time (i.e., a restaurant that opens for six months so it can test a market, or a store that operates in a location during the holiday season only).
Power Center
Among the largest types of retail properties, they typically feature three or more big box retailers such as Home Depot, Target and Walmart. Various smaller retailers are usually clustered together in a community shopping center configuration. Power centers are typically made up of multiple large buildings that are one-level, rectangular structures with surface parking in the front and merchandise loading areas in the back. Often, more money is spent on features and architecture at these locations than at big box shopping centers. (See Retail Building Types Matrix.)
Preleased Space
The term applies to space that has been leased in a building that is under construction.
Pro Rata Share
The percentage that, when multiplied by reimbursable expenses (less an expense stop if referring to a gross lease), equals the amount to be reimbursed by a tenant to the landlord for expense recoveries. Typically, the percentage is calculated by dividing the net rentable area of a tenant’s leased premises by the net rentable area of the building, although this is not always the case.
Proposed or Planned
A building that has received zoning approval but has not yet started construction.
Push-back Rack
Racking system with a sliding device that pushes back pallets, thereby allowing multiple pallets to be placed in the same location.