There are many shopping center and commercial real estate terms and acronyms to be aware of but here is a common list to get you started. The list is broken up by 5 main departments in the industry/Commercial Real Estate: Leasing, Development, Construction, Marketing and Operations.
- Triple Net Lease – A lease in which 100% of all taxes, insurance, and maintenance associated with a shopping center is paid by the tenant
- Co-tenancy – A term that refers to a clause inserted into a tenant’s lease stipulating that a reduced rent or no rent be paid until an agreed-upon percentage of the center is occupied
- LOI – Letter of Intent: A document submitted prior to a formal lease serving to delineate the intentions between the landlord and the tenant
- Mom-and-Pop Store – A store whose owners own only that single store