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Net
Leasable Area. The
floor space, in any building or project, that may be rented or
leased to tenants. This area provides information for
which rental payments can be calculated. This would
generally exclude common spaces and spaces used for utilities
such as heating, cooling and other equipment.
For
example, a property with 20 floors, each containing 3,000
square feet of space may have the net leasable space of 55,000
square feet. The excess of 5,000 feet contain those
common areas that do not qualify as net leasable area.
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