Gauteng Commercial Properties to Let2018-01-16
Terminology Used in Advertisements for Gauteng Commercial Properties to Let
We briefly explain some of the frequently used words and phrases regarding Gauteng commercial properties to let, helping you to understand the jargon often used in advertising of office rental space.
Class A Grade
It is a building classification as per the SAPOA definition to describe the level of building finishes. In essence, Class A Grade states that the finishes of the building are suitable for its area with all the systems in place to allow the carrying on of business by the occupant/tenant. However, Class A is not in the same price range as upper-end Class P rentals. A-grade buildings compete for tenants that rent in the above-average price range in the specific area.
A-Grade Office Space
When you come across descriptions of Gauteng commercial properties to let stating A-grade office space available, the office space will be of high quality with air-conditioning, sufficient parking, and more. The rental price is normally at the upper end of the office rental range. To qualify as A-grade office space, the building would generally not be older than 15 years, or otherwise it has undergone major renovations.
Class B Grade
It is a classification according to SAPOA definition as buildings that cater for tenants looking for practical space at rental prices that are below average for the specific area.
B-Grade Office Space
It is a term used for referring to office space to let in older buildings with finishes almost at modern standard. Such buildings have air-conditioning and suitable parking. The office space may have been refurbished to more closely resemble modern standards.
Class P Grade
This building classification denotes the most upmarket buildings that compete for the attention of the most discerning office users, willing to pay premium rental rates for offices in the particular area. The buildings, furthermore, feature superior quality finishes, superb accessibility, high-tech and modern systems, and considerable prestige.
Fixed Tenant Improvement Allowance
It is the allowance for space renovation or refurbishment. This is usually expressed per square metre and is applicable to Gauteng commercial properties to let where tenants sign long leases of three or five years. With the allowance, the property owner normally includes various finishes, carpets or tiles, and special partitions.
Gross Leasable Area (GLA)
In terms of commercial properties to let, such as the ones forming part of our property portfolio in Gauteng, it refers to the total usable rental space in the particular office building.
The key tenant refers to the resident tenant that attracts other tenants. Such a tenant is normally an esteemed commercial entity.
It is a lease according to which the office tenant pays the rent as agreed upon, plus the taxes and the utilities.
The above term is used for Gauteng commercial properties to let where tenants sign lease agreements in which they agree to pay the rent plus taxes, utilities, maintenance, and insurance.
The term, as related to most Gauteng commercial properties to let, refers to the amount that the tenant must pay and that excludes VAT and operating costs that the property owner recovers where relevant.
It is property specifically designed for providing corporate office space that includes the facilities required by the tenants to operate their businesses.
It is the term used for referring to A-grade office space to let, which has not been occupied by other tenants before.
It is a period in which the tenant does not have to pay rent and is offered as a type of rental concession. Note that the rent-free period is usually subject to specific terms and conditions and may also only apply to the net rental payable.
The rentable area is a term often found in advertisements for Gauteng commercial properties to let that refers to the accepted method for measuring the space within an office building. The measurement is from the outside of the inside wall to the outside wall, and from the centre to centre of the building’s division walls, including the columns. The measurement in new buildings is from the glass line instead of the inside of the outside wall.
View our extensive range of Gauteng commercial properties to let and speak to us about your specific requirements.