The floor area that can actually be leased to tenants, excluding common areas.
Related terms
- Off-plan
Selling units before or during construction, financing the build from buyer deposits.
- Phasing
Sequencing a development into stages to match delivery with absorption and manage risk.
- Practical completion
The stage at which a building is finished enough to be occupied for its intended use.
- Snagging
Identifying and fixing defects in a newly built property before handover.
- Soft costs
Indirect development costs such as design, permits, finance, and marketing.
- Unit mix
The blend of unit types and sizes in a scheme, tuned to demand and revenue.
- Contingency
A budget reserve set aside to cover unforeseen cost overruns.
- Density
The intensity of development on a site, e.g.