Spaces

A Space is defined as one or more Suites leased by a Tenant, which have the same characteristics (i.e., same commencement and expiration date, same base rent, same recovery structure).

Examples:

1. Tenant ABC leases 40,000 rsf in Suites 200, 300, 400 & 500, all of which commence on 6/1/09 and expire on 5/31/19. Base Rent for the entire Premises is $15.00/rsf, and Tenant pays 15.5% of expenses over a 2009 base year. In this case, one Space record encompassing all 4 Suites would be set up.
2. Tenant ABC subsequently signs a 1st Amendment adding 5,000 rsf in Suite 610 for a term 1/1/10 through 5/31/19. Base Rent for this additional Space is $16.50/rsf, the pro-rata share is 1.3% and the base year is 2010. A second Space record would need to be set up to account for this additional Space leased by the 1st Amendment.
3. Tenant ABC subsequently signs a 2nd Amendment adding an additional 5,000 rsf in Suite 600 for the term 6/1/10 – 5/31/19. Base Rent for the entire premises is changed to $17.00/rsf, the pro-rata share is restated as 18.5% for the entire Premises, and the Base Year for the entire Premises is 2010. In this case, the initial 2 Space records would be expired effective 5/31/10 and a 3rd Space record would be set up for the entire Premises (Suites 200, 300, 400, 500, 600 & 610) for the period 6/1/10 – 5/31/19 to capture the new rental structure.

Adding a New Space

Step 1

1. Select Spaces from the Navigation Tree and click “Add” in the Pane 1 Toolbar.
2. Specify the following information:
   • Space: Enter a name for the Space – (e.g., Initial Premises, Expansion Premises, 2nd Amend Premises, etc.).
   • Status: Select a status from the drop down box. Choices are as follows:
     • Expired – The Space is no longer active. If Expired is chosen, enter the expiration date in the Inactive column.
     • Future Commence – The Lease was executed but the commencement date for the Space is a future date.
     • Holdover – The Lease expired but Tenant has not yet moved out.
     • Leased: Occupied – The Lease commenced and has not yet expired, and Tenant is in occupancy.
     • Leased: Vacant: The Lease commenced and has not yet expired, but the Tenant moved out (Tenant is still contractually liable for financial obligations on the Space)
     • Month-to-Month – The Tenant is occupying Premises on a month-to-month basis.
   • Type: From the drop down box, select how the Space was provided to Tenant (i.e., New Lease, Renewal, Expansion, etc.).
   • Start: Enter the commencement date for the Space.
   • Expiry: Enter the expiration date for the Space.
   • Move-In: If known, enter a move-in date. This is not a required field and is often left blank.
   • Inactive: If the Space has a Status of “Expired,” enter the date that the Space became inactive (it is possible that the expiration date has not yet occurred but the Tenant has terminated early, in which case the inactive date might be earlier than the expiration date).
   • Suites: This is a read-only field that populates after Suites are selected in Pane 2.
   • Document: From the drop down box, select the document that gave the Space to the Tenant.
3. Click “Save.”

Step 2

1. In Pane 1, highlight the Space record for which Suites will be entered.
2. Click “Add” in the Pane 2 Toolbar.
3. Specify the following information:
   • Floor: From the drop down box, select the floor on which the Suite is located.
   • Suite: From the drop down box, select the Suite leased by the Tenant. Suites available in this drop down box are populated with information entered at the Building|Suites screen. Note: If the required Suite does not appear in the drop-down, the Suite may be added in each of two following ways:
4. Go to the Building/Suites screen and add the necessary Suite record.
5. From the drop down box in the Suite field in the lower pane, select “Add New Master Suite” and specify the following information in the New Suite Wizard:
   • Suite Name: Enter a name for the Suite (i.e., 400, 610, etc.).
   • Floor: From the drop down box, select the floor on which the Suite is located.
   • Suite Type: From the drop down box, select the type of Suite (i.e., office, storage, retail, etc.).
   • Start Date: Enter the date the Suite is available for leasing (the default Start Date is the Space commencement date). A Suite start date cannot be after the Space commencement date. Note: This feature mirrors how physical Suites are tracked in accounting systems.
   • Rentable Area: Enter the rentable area of the Suite.
   • Usable Area: This is an optional field that is rarely used but may be enabled by the administrator if usable area will be tracked.
   • Other Area: Optional field that is rarely used but may be enabled by the administrator if a third area measure will be tracked (i.e. BOMA remeasured).
6. Click “Insert” to add the Suite to the Building.
   • Suite Type, Suite Begin, Suite End, As Leased Area: These fields are automatically populated with information from the selected Suite.
   • LEASID (MRI): Leave blank unless data is uploaded to MRI from rAbstract.
7. Click “Save” in the Pane 2 Toolbar.
8. Repeat steps 1 – 4 to add additional Suites to the same Space record until all Suites are added.