Office Property Management Chapter 11

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Questions and Answers

Match the following lease terms with their descriptions:

Escalation clause = Allows for periodic rent increases to offset inflation R/U ratio = Ratio of rentable area to usable area Tenant improvement allowance = Amount per square foot the owner pays for build-out Shell space = Space awaiting a tenant's improvements

Match the following types of office space with their characteristics:

Turnkey condition = Space that is fully improved and ready for occupancy Build-out = Finishing office space to a tenant's specifications Uniform finish quality = Specification for finish quality throughout the building Work letter = Tenant's specifications for improvements to the leased space

Match the following responsibilities of landlords with their examples:

Utility services = Stating which services the landlord will provide Common area terms = Outlining usage terms for shared facilities Security personnel = Help keep tenants and possessions safe from crime Lease terms = Specifying the duration of the lease

Match the following reasons for retaining tenants with their explanations:

Good relationships = Maintain positive interactions with tenants Market rate renewals = Renew leases at current market rates Offering concessions = Provide incentives during lease negotiations Tenant selection = Choosing the right tenant for long-term leases Signup and view all the answers

Match the following terms with their definitions in property management:

Janitorial services = Cleaning services provided to maintain shared areas Security guards = Personnel tasked with maintaining safety in buildings Office lease = Contract defining rental agreements for office spaces Vacancy rate = Percentage of unoccupied office spaces in a building Signup and view all the answers

Match the following building features with their descriptions:

Functional obsolescence = Inadequate electrical and telecommunications infrastructure Small buildings = Little in common areas, requiring tenant janitorial services Office park = Low-rise buildings in a suburban setting Tenant improvement allowance = Landlord's contribution limit for build-out expenses Signup and view all the answers

Match the following terms with their meanings:

Comparable property = Used in market analysis but excluded from rent roll Security firm = Provide periodic patrols instead of on-site staff Heating and air conditioning services = Required during business hours for comfort Income/Expense IQ = Digital information platform by IREM Signup and view all the answers

Match the following concepts with their applications:

Market analysis = Involves rent comparison of similar properties Long-term revenue improvements = Considered in analysis of alternatives Service professionals = Targeted by buildings near growing suburbs Janitorial services requirement = Common in small buildings Signup and view all the answers

Match the following assessments with their areas of focus:

Building analysis = Evaluates functional obsolescence Tenant build-out specifications = Outlined in the work letter Management plan = Includes comparable property's rent Security staff = Not typically available around-the-clock Signup and view all the answers

Match the following entities with their roles:

Institute for Real Estate Management = Maintains Income/Expense IQ Tenants = May need to provide janitorial services Security firm = Conducts periodic patrols of properties Landlords = Set limits on tenant improvement allowances Signup and view all the answers

Flashcards

Tenant improvement allowance

The amount per square foot that the owner will pay towards a tenant's improvements to the office space.

Lease Agreement

An agreement between the landlord and tenant that outlines the terms of the lease, including rent, responsibilities, and other related agreements.