What is a lettable area?

The lettable area is a measurement of the floor space and/or land area of a property and is used to assist in rental calculations and property market assessments. This method is most commonly used to measure multistorey, multi tenancy buildings such as office buildings.

What does gross lettable area mean?

Gross lettable area is more commonly known in CRE by its abbreviation GLA. It is generally comprised of office, warehouse, factory, or shops. This is the space that a commercial property landlord bases his rent and expenses charges to a tenant on. It is normally expressed as square meters or square feet.

How is lettable area measured?

The whole floor net lettable area is calculated by: taking measurements from the internal finished surfaces of permanent internal walls and the internal finished surfaces of dominant portions of the permanent outer building walls.

What is the difference between net lettable area and gross lettable area?

The guidelines define three types of area calculation used in commercial leases; Gross Lettable Area – GLA – for industrial buildings, showrooms and freestanding supermarkets. Net Lettable Area – NLA – which is used for office buildings and tenancies.

What does lettable mean?

chiefly British. : capable of being rented or leased.

What is the difference between net and gross area?

The Gross Square Footage is calculated from the outside of the exterior walls and is inclusive of all space within minus areas that are open to below. The Net Square Footage is the total square footage of all the rooms/areas on a floor.

How do you calculate gross leasable area?

To get the gross leasable area for one tenant, you would measure from the center of the common wall (shared with another tenant) to the outside face of the external wall. The external wall can be a shopfront, a window display, or just a flat wall. Regardless, it is included in the gross leasable area.

How do you calculate gross living area?

Subtract the area of a room or stairwell from each floor other than the first if they span multiple stories. For example, if a 15-by-20-foot foyer is two stories tall, then those 300 square feet would count towards the gross living area on the first floor but not on the second floor.

How do you calculate gross floor area?

Multiply the square footage times the number of floors in the building. Subtract the square footage of any elevator shafts, lobbies (other than on the first floor), or rooms that house only equipment used for the building’s operation. The result is the gross floor area.

What is the difference between gross building area and gross floor area?

Gross area is the total floor area inside the building, including the external walls, and excluding the roof. In addition to all the internal floored spaces gross area also includes: excavated basement area.

What is a lettable standard?

Before you move into your new home we will ensure the property is safe, clean and in a reasonable state of repair. This is called the lettable standard and sets out the minimum standard our properties will meet when they are let to new tenants. The property will be checked for asbestos during the void period.

Is saleability a word?

Saleability (also called profitability) is a technical analysis term used to compare performances of different trading systems or different investments within one system. Note, it is not simply another word for profit.

Which is an example of a gross lettable area?

Gross lettable area / GLA can be comprised of space like office, warehouse, factory, or shops. Other – tenant costs The space categorised as GLA is used to assign both rentals and expenses to tenants. For example, let’s say there is 150 sqm of office.

What does gross lettable area in pcal mean?

Gross Lettable Area means the aggregate of all areas in the Land designated from time to time as lettable space (whether currently let or not) by the Lessor and measured under the applicable PCAL method of measurement for lettable area chosen by the Lessor; Loading… Gross Lettable Area.

What do you mean by lettable area in real estate?

The lettable area is a measurement of the floor space and/or land area of a property and is used to assist in rental calculations and property market assessments.

What’s the difference between Gross and net leasable area?

Unlike most retail leases, office leases typically base the rent rate on the net leasable area rather than the gross leasable area. However, there’s a catch – office tenants still need to pay fees for the common areas. These areas do not fall within the boundaries of any leased units and are not used directly by business owners on a daily basis.