Glossary of Terms

General Market Factors

General market factors refers to the overall conditions within a defined market that affect all properties within that market.

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Go Dark Provision

A go dark provision is clause often used in retail leases which governs whether or not a tenant may vacate a space, while continuing to pay rent, prior to lease maturity. Opposite of a continuous operating covenant, go dark provisions allow a tenant to cease business operations when they turn unprofitable. Landlords often dislike this type of provision, as they can lead to rolling vacancies and gradually shrinking traffic in a retail center.

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Going-in Cap Rate

Going-in-cap rate is the cap rate based on the ratio of the first year of net operating income to the property purchase price. 

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Grant

To transfer an interest in real property by deed or other legal instrument.

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Grantee

One to whom the grant is made. The recipient who will be taking title, as named in the legal document used to transfer the real estate. 

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Grantor

A grantor is the person or entity making the grant. For example, if Alice sells her property to Bob, then Alice would be the Grantor.

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Gross Absorption

Gross absorption measures total square feet absorbed or leased without regard for vacated space during the same period,

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Gross Lease

A lease in which the tenant pays a flat sum for rent out of which the landlord must pay all expenses such as taxes, insurance, maintenance, utilities, etc. 

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Gross Rent

Gross rent is rent charged to occupy a premise without any additional rent for operating or other expenses.

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Gross Rent Multiplier (GRM)

An investment property valuation method which is the ratio of a property’s price to its gross revenue.

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Gross Square Footage

The total square footage of a building including all rentable spaces as well as all “non-rentable” space including common areas, 

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Ground Lease

A lease of the land only, on which the tenant usually owns a building or is required to build as specified in the lease.

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