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Glossary

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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 

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