Commercial Glossary

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Abatement In real estate, a reduction of rent, interest, or an amount due and may occur outside or in addition to the primary term of the lease. Also an environmental term meaning partial or complete reduction of the intensity or concentration of a contaminant (e.g., removal of asbestos).
Absorption Rate The net change in space available for lease between two dates, typically expressed as a percentage of the total squarefootage.
Act of God An event that is caused by the forces of nature and is clearly outside the control of a party under contract obligation; one that humans could have not have prevented by reasonable effort. e.g., an earthquake, windstorm.
Addendum A legal document that adds to or amends the terms of a contract. (See Lease Rider)
Additional Rent An amount beyond minimum rent, including reimbursements.
Add-On Factor Often referred to as the Loss Factor or Rentable/Usable (R/U) Factor, it represents the tenant’s pro-rata share of theBuilding Common Areas, such as lobbies, public corridors and restrooms. It is usually expressed as a percentagewhich can then be applied to the usable square footage to determine the rentable square footage upon which thetenant will pay rent. (See also Common Area Factor)
Adjusted Basis Additions for capital improvements and subtractions for depreciation and partial sales.
Administration Fee The cost of administering the common area of a commercial property.
Adverse Possession The actual, exclusive, open, notorious, hostile, and continuous possession and occupation of real property under an evident claim of right or title. The time required to obtain title legally by adverse possession is 21 years in the state of Ohio.
Agent The licensed real estate salesperson or broker who represents buyers/tenants or sellers/landlords.