What is meant by useable square footage vs. rentable square footage?
Useable and rentable square footage are terms used to describe the amount of square footage a tenant lease. The useable square footage is the area within the walls of the tenant’s space. The rentable square footage is the useable area increased by an “add on factor,” sometimes called the Tenant’s Proportionate Share. This is calculated in order to divide up the common areas of the building among all tenants based on the percent of the building they occupy. These common areas include areas such as the 1st floor lobby, elevator lobbies, mechanical rooms and restrooms.
