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516>6=� D E F I N I T I O N S Rentable Area Renovated The portion of the gross floor area on Buildings which have had a complete RETAIL CLASSIFICATIONS which rent can be obtained (BOMA renovation,including all mechanical sys- Shopping centers in this study have a• Standard). Office buildings reporting tems and exterior treatment. Many of minimum of 30,000 sq. ft. of gross usable area have been converted to these buildings have been readapted to leasable area (GLA), including anchor rentable sq. ft. by a factor of 1.15. office usage from multi-story industrial stores. Not included are single tenant, Gross Leasable Area (GLA) designs. free standing retail stores. The total sq. ft. (including anchor stores) Suburban - Class A Neighborhood Centers of a shopping center on which rent is Newer buildings, in first class condition Range in size from 30,000 to 100,000 sq. paid including the storage and common and decor. Large and/or tall in size with ft.of GLA and may have a supermarket areas. excellent visibility and highway access. as a major anchor. Satellite centers adja- Vacant Area Prominence and identity are key criteria cent to regional centers that do not meet The total sq. ft. of unoccupied space for this group. the criteria of any other retail classifica- including sub-lease space and unim- Class B tion are also included as neighborhood proved areas of completed buildings. Seasoned buildings, generally over ten centers. Net Absorption years old. Lower or smaller in size with Community Centers less than prime visibility and highway Range between 100,000 to 300,000 sq. ft. between study periods, including tenant access. of GLA.They are typically anchored by expansions or moves within the market a discount, small department or variety and new tenant additions to the market. INDUSTRIAL CLASSIFICATIONS store and quite often include a drug store,supermarket or warehouse grocer. Net Rent This report covers multi-tenant industri- The quoted asking rent less total al buildings. Not included are owner- Regional Centers expenses. user manufacturing/industrial facilities Include what are typically considered Total Expenses or single tenant buildings. regional or super-regional shopping cen- p ters. These centers have at least 300,000 The annual cost per sq. ft. of all operat- Office Showroom/Business Center to h GLA and must include a mini- 0 expenses, including real estate taxes. The office showroom/business center is defined for this study to (OS/BC) mum of one major department store. • OFFICE CLASSIFICATIONS include one-story multi-tenant projects Specialty Centers over 25,000 rentable sq. ft. with more Differ in size,theme,format and market This report includes multi-tenant office then 30% finished office space, typical orientation from the other classifications buildings 30,000 sq. ft. or greater. Not clear ceiling heights of 12' to 16' along but frequently have restaurants or enter- included are owner-user, single tenant, with nearby freeway access and high vis- tainment facilities as major tenants. medical or government office buildings. ibility.Usage flexibility,smaller bay sizes Central Business District (CBD) and better-than-average landscaping are APARTMENT DATA SOURCE Class A key criteria of an OSBC. This report uses data from The Newer buildings in first class condition, Office Warehouse Apartment Profiles in Minneapolis. The design and decor. Large and/or tall in The office warehouse (O/W) buildings study includes 80 percent of all metro size with mostly multiple skyway included in this survey are multi-tenant politan apartment complexes with more linkage. facilities of 25,000 rentable sq.ft.or larg than 30 units. For reasons of continuity, Class B er built after World War II. These facili- data was recalculated to fit geographic ties typically offer 10% to 20% office fin- boundaries in the Towle Re ort. Seasoned buildings in good condition ish and have 16' to 20' clear ceiling p and generally over ten years old. Mid- heights. rise in size and may include skyway linkage. Bulk Warehouse Class C The bulk warehouse (BULK) buildings, per this report, are described as multi- Older buildings of any size in average to tenant projects with 50,000 rentable sq. poor condition. They may or may not ft. or larger, constructed during the post have skyway linkage. war era. The BULK buildings offer 5% to 10% office finish and have 20' or greater clear ceiling heights. •