• May 16, 2017

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Net Absorption: The change in occupied space between the current measurement period and a prior measurement period.

Net Effective Rent: The amount a landlord effectively receives from a tenant after taking into account all concessions granted to the tenant. 

Net Lease: A lease in which the tenant pays all costs associated with operating the property in addition to the rent. 

Net Rentable Area: Is the actual square-footage of a building that can be leased to a tenant. It is determined by subtracting any unusable square footage of the building from the overall square footage of the space. Examples of unusable square footage would be an elevator shaft. 

Non-Disclosure Agreement (“NDA”): In the context of a commercial lease, an agreement wherein landlord and tenant agree to keep information contained in the lease (e.g., rent concessions and tenant improvement allowances) or shared with one another (e.g., a tenant’s financial statements) confidential.

Noise and Vibration(s): A provision found in a lease pertaining to the tenant’s creation of noise and vibrations in the premises and the amount of noise and vibrations permitted in the rented premises.

Non-Compete Clause: Sometimes referred to as an exclusive use clause, it is a clause that prevents a landlord from leasing space in the premises to a competitor of the tenant, or it can prevent the tenant from opening a similar type of business in the building, complex, shopping center (or within a certain perimeter of the premises (e.g., 3 miles in a suburban setting or a 8 block radius in an urban setting)).

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