Glossary   

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R
Reasonable Time
A fair length of time that may be permitted or required for an act to be completed, considering the nature of the act and the surrounding circumstances.

REBNY
Real Estate Board of New York

Recapture Clause
A recapture provision in an office lease provides the lessor the right to recover any space that the tenant is unable to occupy or sublease.

Relocation Clause
A lease condition giving the landlord the right to relocate a tenant.

Renewal Option
The right of a tenant to extend its tenancy under specified terms and conditions.

Rent Escalation
Adjustment of rent by the lessor to replicate changes in cost of living or property maintenance costs.

Rent Inclusion of Electricity
A method of charging an office tenant for electricity based on its estimated usage per square foot, rather than its measured usage.

Rent Roll
A list of tenants showing the unit occupied and the rent paid by each. Certified rent rolls are independently confirmed and are sometimes required by lenders.

Rentable Square Feet (RSF)
The square footage used to determine a tenant's base rent. Often a landlord uses a “rubber ruler” to increase the size of the space.

Rental Rate
Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof usually by the prior agreement of parties.

RFP
Request for a proposal.

Right of First Offer
The right of a person to have the first opportunity either to purchase or lease real property.

Right of First Refusal
The right of a tenant to match an offer to lease or buy space if an offer is made by a third party.

Riser
Vertical supply pipes that may be used for the distribution of electricity and voice and data services.

Risk Factor
The portion of a rate of return on an investment that is assumed to cover the risk associated with that deal. The greater the risk, the higher the capitalization rate.