Washington, D.C.

Space Measurement Standard

BOMA

Space Unit of Measure

Square Feet

Financial Data Below Reported In

USD

15%
Typical Loss Factor from Rentable to Useable Square Feet

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

$15/sf-$75/sf

Typical range of fit-out contribution.

Rent-Free Period

In addition to the fit-out contribution, the Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-2mo.

Typical number of rent-free months.

Lease Provisions

Lease Term

3yrs.-15yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically includes operating expenses (service charges).

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Cost: not typical, but if so, unamortized costs plus a penalty.

Lease Provisions

Lease Term

3yrs.-10yrs.

Typical lease term in years.

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Cost: not typical, but if so, unamortized costs plus a penalty.

Section 1. Fit Cost Data

Section 2. Scope of Work Description

Business Climate Business Climate data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable). Please refer to the full report Explore 2017 for additional details.

Incentives and Labor Market

4, 6 4/10

Incentives
Value potential, diversity/number of programs

5, 5 5/10

Job Saturation
Competition for workers

3, 7 3/10

Wage Inflation
Rise in wages (past 10 years, local currency)

Educational Attainment

7, 3 7/10

HS Ed Eq
Proportion of population attaining this level

9, 1 9/10

University Ed
Proportion of population attaining this level

8, 2 8/10

Overall
Composite average of HS Ed Eq & University

Composite

5, 5 5/10

Additive sum of incentives, saturation, overall ed attainment, and wage inflation

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