Glossary   

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B
Balance sheet
A detailed financial statement setting forth personal or corporate assets, liabilities, and net worth (the difference between assets and liabilities) as of a specified date.

Base Rent
The rental cost without including escalations, electricity charges and other negotiated costs.

Base Year
The year that serves as a point of reference for reflecting the change in an index.

Bid
Formal submission of a proposal to purchase property or perform pre-defined work under specific conditions at a cost noted in the proposal.

Bid Letter
The first expression of an intent to enter into an agreement.

BOMA
Building and Office Manager's Association. National organization of more than 4,000 professionals in the high-rise office building industry, with 80 local BOMA associations.

Build out
An understanding or contract in which a landlord or lessor agrees to finish a certain space to the specifications of a lessee or according to the landlordís established standards in return for a lease commitment on the part of the prospective tenant.