Emerging Leaders want to make an impact
They are future leaders of the Canadian commercial real-estate industry. BOMA Canada is committed to providing these emerging leaders with a voice, access to continuous learning, unique ways to make connections and opportunities to grow their careers. BOMA Canada and its local chapters provides emerging leaders with the full experience.
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Finding the information you need can be difficult. To make it easier we have gathered essential resources about the real estate industry.
Frequently Asked Questions
→ General Knowledge
Each chapter has it’s own name and process for applying to become a BOMA member as a service companies/suppliers/vendor/contractor. Reach out to your local chapter to find out what the process is.
The Building Owners and Managers Institute (BOMI) of Canada. It was created by members of BOMA who recognized the need for quality education in the commercial property profession. BOMI Canada is a certified educational institute that provides industry professionals with career-building education.
Fore more Information – https://www.bomicanada.com/WhoisBOMICanada.aspx “
Monitors and lobbies pertinent U.S. legislative, regulatory and codes/standards issues.
Publishes The BOMA Magazine, the official publication of BOMA International
Produces a variety of leading industry publications, including:
- A comprehensive suite of building measurement standards, including Office Buildings: Standard Methods of Measurement (ANSI/BOMA – Z65.1 2010
- The Experience Exchange Report® (EER®) – the industry benchmark for nearly 100 years, which contains income and expense data for office buildings across North America
- The industry’s first green lease guide
Hosts the BOMA International Annual Conference & Expo every June.
Conducts seminars on topics including office marketing and leasing, asset management, technology, and security and emergency preparedness planning.
BOMA International sponsors a Winter Business Meeting and hosts the National Issues Conference. The Outstanding Building of the Year (TOBY) Awards are the industry’s most prestigious and coveted awards in commercial real estate. The TOBY honors buildings based on community impact, tenant/employee relations programs, energy management systems, accessibility for disabled people, emergency evacuation procedures, building personnel training programs and overall quality indicators.
Designates excellence in building management and operations through the BOMA 360 Performance Program, a ground-breaking program designed to validate and recognize commercial properties that demonstrate best practices in all major areas of building operations and management.
BOMA International is a federation of 91 BOMA U.S. associations and 18 international affiliates, including BOMA Canada. Founded in 1907, BOMA represents the owners and managers of all commercial property types. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge.
BOMA International is a primary source of information on building management and operations, development, leasing, building operating costs, energy consumption patterns, local and national building codes, legislation, occupancy statistics, technological developments and other industry trends.
Learn more about BOMA International here – https://www.boma.org/
BOMA Canada has 11 regional associations and 13 international affiliates.
All local BOMA chapters have their own committees and almost every chapter has a committee for young people in the industry. They may be by different names; Next Generation or Young Professionals. Just ask your local chapter!
Look up your local chapter on the BOMA Canada website; https://bomacanada.ca/community/localboma/, check out your local chapter website for events and learning resources, join their local mailing list and attend events.
BOMA British Columbia, Edmonton, Calgary, Regina, Manitoba, Toronto, Ottawa, Quebec, New Brunswick & Prince Edward Island, Nova Scotia and Newfoundland.
Connecting the commercial real estate industry together to share ideas and establishing best practices, providing education around real estate topics that are valuable to commercial real estate managers, operators and suppliers.
A group of individuals in the Commercial Real Estate Industry that are 40 years and under that come together, host events and support each other to succeed in the industry .
BOMA is for professionals in commercial real estate. Members include asset managers, property managers, building owners, trades and service providers.
“BOMA Canada facilitates national initiatives and the exchange of ideas that support our member associations in the promotion of education, advocacy, recognition of excellence and networking.”
BOMA Canada’s Mission is to represent the Canadian commercial real estate industry on matters of national concern, to develop a strong communications network between its local associations, BOMA International and other real estate associations and promote professionalism of its members through education programs and effective public relations activity.
For more Information – https://bomacanada.ca/aboutbomacanada/
BOMA is the Building Owners and Managers Association made up of eleven federated locals across Canada. BOMA is an association dedicated to members of the commercial real estate industry, including owners and managers as well as those professionals providing goods and services to the industry.
→ Buildings
A Long Term Care facility designation applies to buildings that meet the following requirements:
- More than 50% of the total facility space is used primarily for long term acute care, cancer care, rehabilitation, and/or psychiatric care;
- These facilities operate on a 24/7 basis.
A Medical Office Building designation applies to buildings that meet the following requirements:
- More than 50% of total facility space is used primarily to provide diagnosis and treatment (no major surgery) for medical, dental, or psychiatric outpatient care;
- These facilities do not operate on a 24/7 basis.
To qualify as a Hospital, the following requirements must be met:
- More than 50% of the gross floor area of all buildings must be used for general medical and surgical services; AND
- More than 50% of the licensed beds must provide acute care services; AND
- These facilities must operate on a 24/7 basis.
Categories for MURBs include:
- Low Rise (2 to 3) – the building must comprise a minimum of two (2) floors above ground, and four (4) apartment (dwelling) units.
- Mid Rise (4 to 9).
- High Rise (10 +).”
This is the lowest grade for useable office buildings. These office buildings are generally older and may be located on less desirable streets in older sections of the city, for example. Many of these buildings usually have higher than average vacancy rates for their market. Older, less desirable architecture, limited infrastructure and antiquated technology define these buildings. For these reasons, Class C buildings offer lower rental rates and can be more difficult to lease. Many times these buildings are targeted for re-development. The curtain walls and the mechanical, electrical and safety and security systems of Class C building are generally dated, and the quality of finish is often below
average. These buildings attract tenants who sign short-term leases for functional space at below average rental rates.
Criteria
- Lowest grade for useable office buildings.
- Older office buildings.
- Located on less desirable streets in older sections of the city.
- Higher than average vacancy rates for their market.
- Less impressive architecture.
- Limited infrastructure.
- In need of extensive renovations.
- Obsolete technology.
- Lower rental rates – may be difficult to lease.
- Often targeted for re-development.
- Tenants requiring functional space.
These buildings are a grade below Class A. Generally, they are slightly older buildings with good management and quality tenants. It is not uncommon for value-added investors to target these buildings with the intention of renovating them back into Class A buildings. Class B buildings are well maintained overall and quite functional. Class B office buildings commonly have an acceptable curtain wall finish, adequate (but not state of the art) mechanical, electrical and safety and security systems, and a mid-quality level of interior finish. Class B buildings compete for a wide range of users at average rental rates for their market area.
Criteria
- A grade below Class A.
- Slightly older buildings– Good management, quality tenants.
- Building finishes– Fair to good.
- Good quality systems – Not at Class A level.
- Can be targeted by investors planning renovations to restore them to Class A.
- Well maintained – Functional.
- Average rental rates.
The most prestigious buildings with the most amenities in the best locations. They generally are the most attractive buildings built with the highest quality materials and construction methods. Additionally, these buildings usually have a professional manager, good access, and are typically located in highly visible areas on high traffic streets. Due to their exceptional quality, Class A Buildings are usually leased to reputable tenants at the highest rental rates in the market.
Criteria
- High-rise building in prime central business district.
- A flagship building in its market.
- Architecture – Concrete and steel construction, distinctive design, attractive look, superior exterior finishes on the curtain wall, superior interior quality finishes in main lobby and common areas, including elevators and washrooms. Fairly recent construction or very well maintained and/or recently renovated building. Well designed and good-size layout to accommodate one or several tenants on the same floor.
- Strong identifiable location (well known address) – Convenient access (public transportation, etc.).
- Managed by a professional firm. Premier tenants.
- Highest rental rates.
- Strong market presence.
- State-of-the-art systems that meet industry standards – automated mechanical, electrical and safety and security systems. High capacity back-up power system.
- Elevators- Sufficient number of elevators for the number of floors and building population.
- Environmental – Certification (BOMA BEST, LEED). Responsible sustainability practices in place.
- Security 24/7 – controlled access system, camera monitored. For smaller buildings or those located in a outlying areas, access control system in place as well as alarm system with off-site monitoring.
- Built by reputable developer and contractor.
- Parking – Sufficient private and public parking to accommodate tenants and visitors. 24/7 access for building tenants with security controls in place. Bike stands and electric vehicle charging stations have become the norm.
- Tenant services – Experienced and professional manager providing centralized tenant service call system, including maximum response time, concierge services, tenant relationship program, regular tenant activities such as barbecues and holiday breakfasts, new tenant welcome committee, etc.
- Amenities – Enclosed weather protected walkway connection, conference centre, fitness centre, service oriented retail such as convenience store, cafeteria/ food court type restaurants, dry cleaning services, ATM and Wi-Fi. For stand-alone buildings not located downtown, cafeteria/food court restaurants and coffee shops provide above-average services to tenants.
An Asset Manager develops strategies to maximize the value and cash flow of the properties they manage. They conduct financial analyses, create annual budgets and business plans, manage risk and more. In essence, they act like a property owner and look out for the real owner’s best interest.
“The Real Property Administrator (RPA) designation program serves the educational needs of both third-party property managers and corporate property managers. The courses familiarize students with the many aspects of operating a commercial building. Additionally, it helps you integrate these issues into the broader task of property management (BOMI Canada).
For more Information – https://www.bomicanada.com/en-us/coursesdeliveryoptions/designations/realpropertyadministrator.aspx “
A property manager works for landlords, handling the day-to-day details of running a building. Their role includes tenant relations, accounts receivable, accounts payable, operations and so much more.
The BOMA 360 Performance Program® sets the standard worldwide for operational best practices in the commercial real estate industry. For building owners and managers who want to help their properties stand out from the crowd, there is no clearer mark of excellence than achieving the BOMA 360 designation.
Earning the prestigious BOMA 360 label demonstrates that a building is outperforming the competition across all areas of operations and management. It also translates into measurable savings and operational efficiencies, as well as higher levels of tenant satisfaction.
BOMA BEST is Canada’s largest environmental assessment and certification program for commercial buildings that recognizes excellence in energy and environmental management.
For more information – https://bomacanada.ca/bomabest/
→ Membership
Membership is administered at the local level.
Non-property management companies include contractor, vendor, supplier and service members.
The BOMA Emerging Leaders National Committee suggests a balance of 50% engagement between Contractor/Vendor/Supplier/Service members with Commercial Real Estate Professionals when looking at the Emerging Leaders committee.
BOMA Canada has over 3,100 members representing over 2.1 billion square feet of commercial real estate in Canada.
Typically your company must be a BOMA Member to join, however exceptions do exist. Contact your local BOMA office and they will advise what can and cannot be done.
The Membership Process for BOMA is different at each local level, contact your local chapter for more information. To be involved beyond just membership, it’s recommended to volunteer. Ask your local BOMA administrators how you can be even more involved!
Some Locals offer discounted membership rates for Emerging Leaders. Check with your local to see if you qualify for a discounted membership rate.
Navigate to bomacanada.ca and scroll down, and click “Signup for the BOMA Canada Newsletter”. You can also contact your local office and ask to be added to their mail list.
→ BOMEX
Vancouver, British Columbia on September 22-24
St Johns, NFLD
Yes, Emerging leaders receive a reduced rate for professionals 35 years and younger. Current rate is $895 per ticket, but even lower if you register early.
The Building Owners and Managers Exhibition Conference. Canada’s premier annual conferences and exhibitions for commercial real estate industry professionals. www.bomex.ca
→ Awards
TOBY Award: The Outstanding Building of The Year Award, awarded annually at the regional level, national level and international level. Different categories exist for different asset classes (eg. office building under 100,000 SF, corporate facility, historical building, and more). a BOMA BEST certification is a pre-requisite.
Earth Award: Earth Awards recognize excellence in energy efficiency amongst commercial properties. Having a BOMA BEST Certification is a pre-requisite, and the awards are issued annually at the regional level.
Committee Members
The BOMA Canada National Emerging Leaders Committee is group of professionals dedicated to supporting the connectivity between industry professionals and the next generation of emerging leaders in the commercial real estate industry.
Committee Co-chair
TALIA PURDY
PROPERTY MANAGER, CBRE LIMITED
Committee Co-chair
SEAN HAMILTON
DIRECTOR, CUSTOMER EXPERIENCE, HAAKON HVAC SERVICES
Committee Liaison
VICTORIA PAPP
PROGRAM COORDINATOR ENVIRONMENTAL STANDARDS, BOMA CANADA
Committee Member
HEATHER FERGUSON
CHIEF STAFF OFFICER, BOMA NB PEI
Committee Member
JACQUI READER
PRAIRIE REGIONAL MANAGER, YOURHERE
Committee Member
JULIAN MANNELLA
PROPERTY MANAGER, TRIOVEST
Committee Member
TARYN KELLY
PROPERTY MANAGER, COMMERCE COURT, QUADREAL PROPERTY GROUP
Committee Member
LAURA PINTO
SUPERVISOR PROPERTY ADMINISTRATION SUPPORT, FINANCE, QUADREAL
Committee Member
SARA BOISVERT
PROPERTY MANAGER, BGIS
Committee Member
LISA MILLER
Committee Member
ALEX AKMAN
MANAGER, PROPERTY MANAGEMENT & DEVELOPMENT, SHINDICO REALTY INC.
Glossary
Abandonment
The voluntary surrender of a property, owned or leased without naming a successor as owner or tenant. The property will generally revert to one holding a prior interest or in cases where no owner is apparent, to the state. Abandonment does not relieve obligations associated with lease or ownership unless the abandonment is accepted by the entity to which the obligation is owed
Absorption
The amount of inventory or units of a specific commercial property type that become occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate.
Acquisitions
Transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities
Additional Rent
Landlord’s expenses for the property; includes property taxes, operating expenses such as HVAC, roof, janitorial, etc.
Amenities
Features that add to a property's desirability, such as modern appliances and fixtures
Amortization
The repayment of loan principal through equal payments over a designated period of time consisting of both principal and interest. Typically, in property management we amortize the cost of large capital projects based on the lifespan of the item being repaired or bettered.
Anchor Tenant
The primary and usually the largest tenant in a shopping center. Larger shopping centers may have more than one anchor tenant. Rent for anchor tenants is often significantly lower than rent for other tenants in a shopping center because they draw consumers to the center. Source: The NAIOP Research Foundation, 2017
Annuity
Regular fixed payments or receipts over a designated period of time.
Appraisal
An opinion or estimate of the value of the property. Also, the act or process of estimating value.
Appraiser
someone who determines the fair market value of property.
Architecture
the manner in which a building is constructed, including the layout, floor plan, style and appearance, materials used, and the building technology used.
As-Built Drawings
represent a building of space as it was actually constructed.
Asbestos
insulation material frequently used in older buildings as pipe wrap, boiler insulation, floor tile, and ceiling coating. Asbestos may become brittle with age. In that condition, it may crumble and release particles which, like dust, become airborne. Breathing asbestos particles may cause several serious lung illnesses. Removal or encapsulation of asbestos in buildings is expensive but necessary to prevent illness. The discovery of asbestos in a building is likely to cause a significant value loss
Asset
Something of value
Asset Management analyst
Provides financial analysis data for decision-making on acquisitions, dispositions, property development, appraisals and other asset management activities.
Asset Manager
Develops property-level strategies to maximize asset value and cash flow and meet owner's objectives for its properties.
Assistant Property Manager
Assists the property manager in developing budgets and monthly reports, and also oversees tenant services and property administration
Audit
inspection of the books, records and procedures used by a business or individual, conducted by a person qualified to do so.
Base period/baseline
a point in time that serves as a benchmark for reflecting the change in an index.
Base Rent
Minimum amount of rent due under the terms of the lease.
Base Year
In a gross lease or modified gross lease the landlord agrees to cover the tenant’s share of the annual operating expenses. That said the landlord typically limits their annual exposure to the amount of expenses incurred in the base year of the lease – which is typically the first year of the lease. The landlord then continues to pay the property’s expenses in the amount in the base year but the tenant agrees to pay its share (percentage) of any increases in the property’s expenses going forward
Benchmark
a standard measurement that form the basis for comparison.
BOMA
Building Owners and Managers Association
BOMA BEST
Sustainable Buildings certification recognizes excellence in energy and environmental management and performance in commercial real estate.
BOMA Measurements
standards offered by the Building Owners and Managers Association for measuring the leasable square footage of an office building.
Brownfield Development
A tract of land that has been developed for industrial purposes, polluted, and then abandoned
CAM
Common area maintenance
Capital Expenditures
Property improvements that cannot be expensed as a current operating expense for tax purposes. Examples include a new roof, tenant improvements, or a parking lot—such items are added to the basis of the property and then can be depreciated over the holding period. Distinguished from cash outflows for expense items such as new paint or plumbing repairs (operating expenses) that can be expensed in the year they occur. Also see operating expenses.
Capitalization Rate
Or Cap Rate. The rate of return an owner can expect to generate. To calculate this, a tenant will examine the ratio of the net operating income compared to the current market value of the property. This helps potential tenants predict whether investing into the purchase of a commercial property is worthwhile.
Capture Rate
The segment of sales in a real estate market sold by one project.
Carbon Offset
a unit of carbon dioxide equivalent that is reduced, avoided, or sequestered to compensate for emissions occurring elsewhere
Chlorofluorocarbon (CFC) based refrigerant
a fluid, containing hydrocarbons, that absorbs heat from a reservoir at low temperatures and rejects heat a higher temperatures. When emitted into the atmosphere, CFCs cause depletion of the stratospheric ozone layer
Circular Economy
A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which we keep resources in use for as long as possible, extract the maximum value from them whilst in use, then recover and regenerate products and materials at the end of each service life (completing a circle).
Cladding
The application of one material over another to provide a skin or layer. In construction, cladding is used to provide a degree of thermal insulation and weather resistance, and to improve the appearance of buildings.
Class “A” building
The most prestigious buildings with the most amenities in the best locations. They generally are the most attractive buildings built with the highest quality materials and construction methods. Additionally, these buildings usually have a professional manager, good access, and are typically located in highly visible areas on high traffic streets. Due to their exceptional quality, Class A Buildings are usually leased to reputable tenants at the highest rental rates in the market
Class “B” building
These buildings are a grade below Class A. Generally, they are slightly older buildings with good management and quality tenants. It is not uncommon for value-added investors to target these buildings with the intention of renovating them back into Class A buildings. Class B buildings are well maintained overall and quite functional. Class B office buildings commonly have an acceptable curtain wall finish, adequate (but not state of the art) mechanical, electrical and safety and security systems, and a mid-quality level of interior finish. Class B buildings compete for a wide range of users at average rental rates for their market area.
Class “C” building
This is the lowest grade for useable office buildings. These office buildings are generally older and may be located on less desirable streets in older sections of the city, for example. Many of these buildings usually have higher than average vacancy rates for their market. Older, less desirable architecture, limited infrastructure and antiquated technology define these buildings. For these reasons, Class C buildings offer lower rental rates and can be more difficult to lease. Many times these buildings are targeted for re-development. The curtain walls and the mechanical, electrical and safety and security systems of Class C building are generally dated, and the quality of finish is often below average. These buildings attract tenants who sign short-term leases for functional space at below average rental rates.
Clear glazing
glass that is transparent and allows a view through the fenestration.
Co-owners
Co-owners are two or more owners of the one business that is leasing the same space. All co-owners of a lease must sign the lease as landlords.
Commercial Real Estate
Any building or land used by a commercial business and is zoned 'commercial' for the purpose of making a profit
Commissioning (Cx)
the process of verifying and documenting that a building and all of its systems and assemblies are planned, designed, installed, tested, operated, and maintained to meet the owner's project requirements.
Common Area
For lease purposes, the areas of a building (and its site) that are available for the nonexclusive use of all its tenants, such as lobbies, corridors, and parking lots.
Community Centre
(a.k.a. strip centre): These centres are basically a cluster of attached retail units that can be open-air and/or enclosed with significant off-street paved parking surrounding the building that can be accessed in most cases from two or more sides. They could be outdoor developments with walkways or enclosed developments with connecting corridors.
Comparables
Properties that are similar to the one being sold or appraised - commonly referred to as “comparbales” in the real estate industry
Consulting
the act of providing information, analysis, and recommendations for a proposed real estate decision.
Contaminant
a substance, element, or compound that may harm humans or other forms of life if released into the environment. Refers to concentrations that are above acceptable levels and or are in a location where they should not be found.
Convenience Centre
Usually between 10,000 and 39,999 square feet (Gross Leasable Area or GLA) where tenants provide a narrow mix of goods and personal services to a very limited trade area, including walk-in traffic. A typical anchor would be a convenience store such as 7-Eleven, Mac’s Convenience, Couche-Tard or other mini-mart. Open canopies may connect the store fronts, but a convenience centre does not have enclosed walkways linking the stores.
Cotenants
Cotenants are two or more people or entities leasing the same space. Each cotenant must be named in the lease and each must sign the lease.
CPI
Consumer Price Index
Crawl Space
narrow opening between the ground and the underside of a structure, not tall enough to permit standing but sufficient to give access as needed to wiring, plumbing, and other utilities.
Data
Refers to information collected and presented in a form that facilitates processing and analysis
Data Centre
Data Center refers to buildings specifically designed and equipped to meet the needs of high density computing equipment, such as server racks, used for data storage and processing. Typically these facilities require dedicated uninterruptible power supplies and cooling systems. Data center functions may include traditional enterprise services, on-demand enterprise services, high performance computing, internet facilities, and/or hosting facilities.
Demand
The volume or quantity of a product or service purchased, or willing to be purchased, in relation to price.
Demographics
Characteristics of human populations as defined by population size and density of regions, population growth rates, migration, vital statistics, and their effect on socio-economic conditions.
Depreciation
The loss of utility and value of a property.
Director, Asset Management
Provides leadership across various departments and is accountable for portfolio performance
Disposed Waste
Disposed waste refers to your waste that was not composted, recycled, or donated. This waste generally goes to a landfill or an incinerator.
Dispositions
Refers to the act of selling or otherwise "disposing" of an asset.
Distribution Center
Distribution Center refers to unrefrigerated buildings that are used for the temporary storage and redistribution of goods, manufactured products, merchandise or raw materials. Buildings that are used primarily for assembling, modifying, manufacturing, or growing goods, products, merchandise or raw material should be classified as Manufacturing Facility.
Distribution Centre
Refers to unrefrigerated buildings that are used for the temporary storage and redistribution of goods, manufactured products, merchandise or raw materials.
Diversification
A method of reducing risk by investing in unrelated (uncorrelated) assets.
Diversion Rate
Waste diversion rate is one of the KPI's in a successful recycling program, it represents the amount of waste that is diverted from landfill for recycling.
Due Diligence
Taking all reasonable steps to confirm legal, financial, structural, zoning, and environmental concerns.
Easements
A right created by grant, reservation, agreement, prescription or necessary implication to use someone else's property.
Efficiency
A measure of the capacity or effectiveness of space to produce the desired results with a minimum expenditure of time, money, energy, and materials.
Egress
Access from land parcel to a public road or other means of exit
Electric Demand
Electric Demand is the rate of using electricity. For most commercial buildings, demand is measured in kilowatts (kW)
Electronic Waste
Discarded office equipment (computers, monitors, copiers, printers, scanners, fax machines), and appliances (refrigerators, dishwashers, water coolers), external power adapters, and television and other audiovisual equipment.
Enclosed Shopping Centre
Refers to a retail property that is planned, built, owned and managed as a single entity, comprising commercial rental units (CRU) and common areas, with a minimum size of 10,000 square feet ( GLA) and a minimum of three CRUs. On-site parking is also generally provided.
Energy Star
A trademarked program that promotes energy efficiency, and provides information on energy consumption of products and devices using standardized methods.
Energy Star Score
The ENERGY STAR Score is a measure of how well your property is performing relative to similar properties, when normalized for climate and operational characteristics. The ENERGY STAR scores are based on data from national building energy consumption surveys, and this allows Portfolio Manager to control for key variables affecting a building’s energy performance, including climate, hours of operation, and building size. What this means is that buildings from around the country, with different operating parameters and subject to different weather patterns, can be compared side-by-side in order to see how they stack up in terms of energy performance. The specific factors that are included in this normalization (Hours, Workers, Climate, etc.) will depend on the property type. The 1-100 scale is set so that 1 represents the worst performing buildings and 100 represents the best performing buildings. A score of 50 indicates that a building is performing at the national median, taking into account its size, location, and operating parameters. A score of 75 indicates that at a property is performing in the 75th percentile and may be eligible to earn ENERGY STAR Certification.
Environmental Assessment (EA)
A study of land to determine any unique environmental attributes, considering everything from endangered species to existing hazardous waste to historical significance.
Environmental Audit
A study of the property and its area to determine whether there are any hazards. Mainly to identify the presence of hazards, estimate the cost of remediation or cleanup and to remediate the environmental contamination.
Environmental Hazard
Any physical or natural condition or event which possesses a risk to humans.
Environmental Impact
The repercussions of an activity or specific land use on the physical/social environment as a consequence of emissions, waste disposal, water and power usage, etc.
Equity Lease
A type of joint venture arrangement in which an owner enters into a contract with a user who agrees to occupy a space and pay rent as a tenant, but at the same time, receives a share of the ownership benefits such as periodic cash flows, interest and cost recovery deductions, and perhaps a share of the sales proceeds.
Estoppel
A signed statement that summarizes the terms of the lease. Executed by the Tenant.
EUI
EUI stands for Energy Use Intensity. It is the energy use per square foot at a property (energy divided by square foot). EUI enables you to compare different sized buildings
Evapotranspiration
The combination of evaporations and plant transpiration into the atmosphere. Evaporations occurs when liquid water from soil, plant surfaces, or water bodies becomes vapor. Transpiration is the movement of water through a plant and the subsequent loss of water vapor.
Expropriation
The action of the state in taking or modifying the property rights of an individual in the exercise of its sovereignty
Façade
The outside front wall of a building
Feasibility Analysis
The process of evaluating a proposed project to determine if that project will satisfy the objectives set forth by the agents involved (including owners, investors, developers, and lessees).
Fenestration
The arrangement of windows and doors on the elevations of a building.
Financial Leverage
The use of borrowed funds to acquire an investment.
Financial Office
Buildings used for financial services such as bank headquarters and securities and brokerage firms.
Financial Risk
The possible change in an investment’s ability to return principal and income.
Fixed Operating Expense
Costs that do not change with building's occupancy rate. They include property taxes, insurance, and some forms of building maintenance.
Fixtures
Any property permanently attached to real property.
Flex Space
Space that is flexible in terms of what it can be used for (for example, space that could be utilized for industrial or office activities).
Floodplain
A level land area subject to periodic flooding from a contiguous body of water. Floodplains are delineated by the expected frequency of flooding. For example, an annual floodplain is expected to flood once each year.
Forecast
An estimate or prediction of a future condition or outcome.
Gentrification
The displacement of lower-income residents by higher-income residents in a neighbourhood. Generally occurs when an older neighbourhood is rehabilitated or revitalized.
Green Lease
Is a lease of a commercial or public building which incorporates an agreement between landlord and tenant as to how a building is to be occupied, operate and managed in a sustainable way.
Green Power
Green Power is a generic term for renewable energy sources and specific clean energy technologies that emit fewer GHG emissions relative to other sources of energy that supply the electric grid.
Green roof
Or living roof is a roof of a building that is partially or completely covered with vegetation and a growing medium, planted over a waterproofing membrane.
Greenfield Development
Land not previously developed or polluted.
Greenhouse Gas (GHG) Emissions
Greenhouse Gas (GHG) Emissions are the carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O) gases released into the atmosphere as a result of energy consumption at the property. GHG emissions are expressed in carbon dioxide equivalent (CO2e), a universal unit of measure that combines the quantity and global warming potential of each greenhouse gas.
GRESB
Global Real Estate Sustainability Benchmark. GRESB was launched in 2009 by a group of large pension funds who wanted to have access to comparable and reliable data on the ESG performance of their investments. In the intervening years, we have grown to become the leading Environmental, Social and Governance (ESG) benchmark for real estate and infrastructure investments across the world.
Greywater
Untreated waste water which has not come into contact with toilet waste. Graywater includes used water from bathtubs, showers, bathroom washbasins and water from clothes washers and laundry tubs
Gross Area
The entire floor area of a building or the total square footage of a floor.
Gross Lease
A type of commercial lease where the tenant pays a flat rental amount, and the landlord pays for all property charges regularly incurred by the ownership, including taxes, utilities, and water.
Hard/Soft Costs
All the costs that makeup the construction costs of a project. Hard costs would be attributable to material and labour costs while soft costs would be attributable to remaining costs (i.e. professional fees such as survey, appraisal, accounting, architect fees, contingency, etc.)
Hardscape
The inanimate elements of the building landscaping. It includes pavement, roadways, stonewalls, wood, and synthetic decking, concrete paths and sidewalks, and concrete, brick and tile patios.
Hazardous Waste
A type of solid waste that poses a significant threat to human health
Heat Island Effect
The thermal absorption by hardscape, such as dark, nonreflective pavement and buildings, and its subsequent radiation to surrounding areas. Other contributing factors may include vehicle exhaust, air-conditioners, and street equipment. Tall buildings and narrow streets reduce airflow and exacerbate the effect.
Hospital
The Hospital designation applies to general medical and surgical hospitals, critical access hospitals, and children’s hospitals. These facilities provide acute care services intended to treat patients for short periods of time including emergency medical care, physicians’ office services, diagnostic care, ambulatory care, surgical care, and limited specialty services such as rehabilitation and cancer care.
Hybrid Lease
In situations where neither a full service lease nor a NNN lease meets the landlord’s and tenants’ needs, there are a number of hybrid lease types. These include modified gross, double net, and single net leases
Impervious surface
An area of ground that development and building have modified in such a way that precipitation cannot infiltrate downward through the soil.
Index
A statistic that indicates some current economic of financial condition. Indexes are often used to make adjustments in wage rates, rental rates, load interest rates, and pension benefits set by long-term contracts.
Industrial Property
A facility in which the space is used primarily for research, development, service, production, storage or distribution of goods and which may also include some office space (no more than 25% of the space can be dedicated to office usage).
Infiltration
(HVAC) uncontrolled inward air leakage to conditioned spaces through unintentional openings in ceilings, floors, and walls from unconditioned spaces or the outdoors cause by the same pressure differences in that induce exfiltration.
infrastructure
The basic public works of a city or subdivision, including roads, bridges, sewer and water systems, drainage systems, and essential public facilities.
Insulation
Materials used to slow the transfer of heat through walls so as to reduce energy costs and help maintain a uniform temperature.
Invasive Plant
Non-native vegetation that has been introduced to an area and that aggressively adapts and reproduces. The plant's vigor combined with a lack of natural enemies often leads to outbreak populations
Joint Ownership
Ownership by two or more people.
Joint Ventures
An agreement between 2 or more parties who invest in a single business or property.
Land use planning
An activity, generally conducted by a local government that provides public and private land use recommendations consistent with community policies. Generally use to guide decision on zoning.
Landlord
The lessor or owner of the leased property.
Lease
A contract that creates the relationship of landlord and tenant. A contractually binding agreement that grants a right to exclusive possession or use of property, usually in return for a periodic payment called rent.
LEED
Short for Leadership in Energy and environmental Design (LEED) is a third party certification program created by the U.S Green Building Council (USGBC). It is a nationally accepted benchmark for the design, construction and operation of high performance sustainable buildings.
Leesee
The person renting or leasing the property. Also known as a tenant.
Lessor
The person who rents or leases a property to another. Also known as a landlord.
Life-cycle assessment
Or cradle to grave analysis - is a technique to assess environmental impacts associated with all the stages of a production's life from raw material extraction through materials processing, manufacturing, distribution, use, repair and maintenance, and disposal or recycling.
Light pollution
Waste light from building sites that produces glare, is directed upward to the sky, or is directed off the site. Waste light does not increase nighttime safety, utility or security and needlessly consumes energy
Long term care facilities
Also called “acute inpatient health care facilities”, these facilities are certified as acute care hospitals and provide patients with acute care for extended inpatient stays of an average of 25 days or more.
Low-cost improvement
An operational improvement, such as a repair, upgrade, or staff training or retraining.
Maintenance
Activities required to compensate for ear and tear on a property.
Management
The ability to monitor the performance of an investment and make changes as needed.
Manufacturing/Industrial Plant
A facility used for the conversion, fabrication and/or assembly of raw or partly wrought materials into products/goods.
Marketability
The speed or ease with which a property can be sold at or near its market value; its expected market appeal.
Medical Office
Medical Office refers to buildings used to provide diagnosis and treatment for medical, dental, or psychiatric outpatient care.
Multi-Unit Residential Buildings
(MURB) A building comprised of a common entrance and separate units that are also known as apartments constructed for dwelling purposes. Multi-Unit Residential Buildings must have one primary exterior door access, with each of the apartments connected by an interior door. All of the units must connect to each other (or a central corridor) by some interior door for purposes of a blower door test.
Native vegetation
An indigenous species that occurs in a particular region ecosystem, and habitat without direct or indirect human actions. Native species have evolved to the geography, hydrology, and climate of that region. They also occur in communities; that is, they have evolved together with other species. As a result, these communities provide habitat for a variety of other native wildlife species. Species native to North America are generally recognized as those occurring on the continent prior to European settlement. Also known as native plants.
Neighbourhood Centre/Lifestyle Centre
Usually between 40,000 and 99,999 square feet (GLA) and is designed to provide convenience shopping for the daily needs of consumers in the immediate neighbourhood. It is typically anchored by a supermarket.
Net Lease
A lease in which the tenant pays a share of operating expenses in addition to the stipulated rent. Disclosure of the specific expenses to be paid directly by the tenant is required. Source: The NAIOP Research Foundation, 2017
Net Rent
Net Rent is rent, excluding a tenant's share of real estate taxes, operating cost, and other costs directly related to the tenant's occupancy of the space
Net Rentable Area/Gross Rentable Area
Actual square-unit of a building that may be leased or rented to tenants.
NOI
Income that a landlord gets from a property after paying expenses; allows investors to compare different investments based on the actual dollars returned.
Nonpotable water
water that does not meet drinking water standards
Occupancy Costs
Costs incurred from operating a business within a commercial property. These can include rent, property taxes, insurance, security, and equipment for business operation.
Office Building
A property providing environments conducive to the performance of management and administrative activities, accounting, marketing, information processing, consulting, human resources management, financial and insurance services, educational and medical services and other professional services.
Open Air Retail
Refers to configurations where there is no indoor common space, and stores may be unconnected or attached in a strip or row type of fashion. This type of property may also be called a Strip Mall.
Operating Expense
Expenditures that a business incurs to engage in activities not directly associated with the production of goods or services.
ORI
Opportune Realty Investors
Passive Solar Heating
A system of features incorporated into a buildings
Peak demand
The maximum electricity load at a specific point in time or over a period of time
Pension Funds
Any plan, fund or scheme which provides retirement income. They are pooled monetary contributions from employers, unions, etc. (CFA Institute). Pensions Funds make up a large part of building owners in Canada.
Permanent Loans
The long-term mortgage on a property.
Personal Guarantee
An individual’s written assurance that all obligations of a lease are personally guaranteed in the event a business fails to meet its obligations.
Photovoltaic
the process of converting light directly into electricity using specially designed silicon cells.
Portfolio
A group of investment assets
Portfolio Management
The portfolio management process involves formulating, modifying and implementing a real estate investment strategy in light of an investor's broader overall investment objectives. It also can be defined as the management of several properties owned by a single entity.
Potable Water
Water that meets or exceeds water quality standards and is approved for human consumption. It may be supplied from wells or municipal water systems
Potential Rent
Gross potential rent (GPI) is way of calculating income assuming all units of a building are occupied and you are receiving full rents. (Recording Vacancy)
Power Centre
Usually between 100,000 and 1,000,000 square feet (GLA) and often comprises three or more large-format retailers (“big boxes” or “category-dominant anchors”) that are mostly freestanding (unconnected) or sometimes part of a number of scattered multi-tenant one-level buildings on the same property to offer maximum visibility to most retail units. As with other open-air centres, ample on-site paved parking is located in front of the stores and around the site at the ground level. The large land element provides for an interior road network that connects all the individual sites and allows the customers to drive from storefront to storefront.
Pre-Leasing
Refers to space in a proposed building that has been leased before the start of construction or in advance of the issuance of a Certificate of Occupancy.
Preferred Parking
the parking spots closest to the main entrance of a building (exclusive of spaces designated for handicapped persons).
Premature Obsolescence
The wearing out or disuse of components or materials whose service life exceeds their deign life.
Property Administrator
Performs administrative duties such as processing lease agreement and rental payments as well as providing exceptional tenant service
Property data
Property/site-specific information obtained from primary and secondary sources.
Property Management
The management of land and buildings as a business, including keeping buildings in a good condition and renting property.
Property Manager
an individual or company that oversees the day-to-day operations of a unit of real estate. Is responsible for operating and maintaining all properties within an assigned portfolio, as well as managing annual budgets.
Quality of Life
The psychological and individual aspects of social well-being as perceived and experienced by people in reference to a given geographic area, which reflect a state of mind or position on the prevailing quality of existence in relation to various socio-economic and environmental conditions and/or amenities known to be associated or found within that area.
Rainwater harvesting
The capture, diversion, and storage of rain for future beneficial use. Typically a rain barrel or cistern stores the water.
Realtor/Broker
Someone who represents sellers or buyers of real estate/real property
Rebate
A refund resulting from a purchase or tax
Reclaimed water
Wastewater that has been treated and purified for reuse
Recycled
Recycled refers to materials (most commonly paper, glass, plastic and aluminum) that have been collected and manufactured into new products.
Regional Mall
The GLA for this centre varies between 300,000 and 799,999 square feet. Its main attraction is generally the combination of anchors. A regional centre is usually enclosed with an inward orientation of the stores connected by common areas/walkways or “malls”, flanked on one or both sides by various entrances. It could be multi-leveled with escalators, stairs and elevators between levels. Off-street paved parking surrounds the outside perimeter. It may be surface or structured and there may be outparcels or pad store locations.
Renewable Energy Certificate (REC)
Renewable Energy Certificates (RECs) are the tradable, legal rights to the environmental benefits of green power. These rights can be sold separately from the actual electricity (kWh).
Rentable Area
The computed area of a building as defined by the guidelines of Building Owners and Managers Association (BOMA) and typically measured in square feet, including both core/structure and useable area. The actual square foot area for which the tenant will pay rent. It is the gross area of an office building, less uninterrupted vertical space (such as stairways and elevators). Unlike useable area, rentable area includes common areas such as lobbies, restrooms, and hallways as well as the measurement of structural columns and architectural projections.
REO property
Also known as Real Estate-Owned property; which is bank or lender-owned due to foreclosure.
Request for Information (RFI)
An RFI is primarily used to gather information to help make a decision on what steps to take next.
Request for Proposal (RFP)
Is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
Request for Quote (RFQ)
Is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ typically involves more than the price per item.
Retrofit
Modernization of building systems such as heating, ventilation and air conditioning (HVAC); security; fire alarms; and energy management. The tenant remains in the building, and the building use and square footage do not change. Retrofit is often done together with a renovation. (source: The NAIOP Research Foundation, 2017)
Rideshare
A transit service in which individuals travel together in a passenger car or small van that seats at least four people.
RPA
Designation program serves the educational needs of both third-party property managers and corporate property managers.
Secure Access
Access that is locked and permitted access is granted by keypad, phone/video, or buzzer
Senior Asset Management Analyst
Conducts in-depth analysis related to asset valuation, analysis of lease transactions, capital spending, third-party appraisals, development, acquisitions and dispositions
Senior Asset Manager
Directs asset management responsibilities for a diverse portfolio of properties
Senior Director, Asset Management
Identified growth opportunities and recommends value-maximizing and risk mitigation strategies within a portfolio
Senior Property Administrator
Handles more challenging administrative tasks, including budget preparations, and supervise and trains other property administrators.
Senior Property Manager
Manages a large property or portfolio and oversees large operating and capital budgets.
Short-term loans
Debt that will come due within one year
Site Energy
Site Energy is the annual amount of all the energy your property consumes onsite, as reported on your utility bills. Use Site Energy to understand how the energy use for an individual property has changed over time.
Smart Building
A building that uses automated processes to automatically control the building's operations - including heating, ventilation, air conditioning, lighting, security and other systems.
Soft Costs
The portion of an equity investment other than the actual cost of the improvement themselves (i.e. architectural and engineering fees, commissions, etc.) and which may be tax-deductible in the first year.
Solar Reflectance (SR)
The fraction of solar energy that is reflected by a surface on a scale of 0 to 1. Black paint has a solar reflectance of 0; while white paint has a solar reflectance of 1
Solar Reflectance Index (SRI)
The Solar Reflectance Index (SRI) is a measure of a surface's ability to reject solar heat. An SRI of 0 is usually attributed to black surfaces that absorb high amounts of solar heat, whereas an SRI of 100 is usually attributed to white surfaces that reject solar heat.
Source Energy
Source Energy Use is the total amount of raw fuel that is required to operate your property. In addition to what the property consumes on-site, source energy includes losses that take place during generation, transmission, and distribution of the energy, thereby enabling a complete assessment of energy consumption resulting from building operations
Stakeholder
Anyone who may be affected by a decision. Someone who has a stake in the outcome of a decision involving land or real estate property.
Super-Regional Mall
Centre similar to a regional mall, but larger in size (GLA over 800,000 square feet), and with a more extensive offering of anchors and/or destination retailers. Super-regional malls are often situated on mass transit lines (e.g. subway, LRT, bus) and along major highway corridors.
Tenant
A person or entity who has possession of the property though a lease. A tenant also may be referred to as a lessee.
Tenant services co-ordinator
Delivers prompt and exemplary tenant service and is the primary contact for inquiries
Tenure
A designation that distinguishes between the renter versus owner-occupied status of a property
TMI
Taxes, maintenance, insurance
Transit Oriented Development
A development that is near a light rail station. They are usually mixed-use and encourage people to walk, bike and take the train more than drive.
Triple Net Lease (NNN)
Is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.) The landlord assumes no costs, other than those for structural repairs or new installations.
Usable Area
This relative term is best compared to rentable area. Usable area is the amount of space that can actually be used by tenants within the space they lease. For example, columns inside a tenant space are counted in the measure of rentable area, but the space occupied by the column cannot be used by the tenant. A tenant’s usable area does not include common areas in the building. Source: The NAIOP Research Foundation, 2017
Useable Square Footage (USF)
Is the amount of space that is actually available to be used in a commercial real estate rental property. There is a tremendous amount of space that is not useable such as exit hallways, stairways, bathrooms, etc. Therefore, the USF gives you an accurate idea of how much working space you have.
Utility Provider
An organization which provides water and/or power, such as electricity or natural gas, to customers. Utilities are allowed certain monopoly rights due to the practical need to service entire geographic areas with one system, but they are regulated by state, county and/or city public utility commissions under state laws.
Vacancy
The number of units or space (of a specific commercial type) that are vacant and available for occupancy at a particular point in time within a given market (usually expressed as a vacancy rate)
Vacancy Rate
The percentage of space that is vacant - calculated by dividing vacant space by total square feet. Vacancy is a good measure of how much relative space is available in a submarket.
Vendors/Suppliers
Supply chain management term that means anyone who provides goods or services to a company or individuals.
Warehouse (refrigerated or non-refrigerated)
A facility primarily used for the storage and/or distribution of materials, goods, and merchandise.
Water Efficient
Xeriscaping
Landscaping that does not require routine irrigation.
Zoning
The designation of specific areas by a local planning authority within a given jurisdiction for the purpose of legally defining land use or land use categories.
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