In the first edition of our Key Terminology booklet, the Denham Wolf team has compiled terms that are frequently heard over the course of a real estate project in New York City, such as SQUARE FEET.

In local real estate projects, it is generally understood that a square foot is the standard unit for measuring space. Over the course of a project, however, space measurements are made using a few different frameworks.

• NET SQUARE FEET // The amount of square feet required for a tenant’s unique administration, program, and support needs. Net square footage does not include major structural elements of a building (such as walls), shared building amenities (such as lobbies), or the areas dedicated to circulation throughout the space.

• USABLE SQUARE FEET // The amount of square feet required for a tenant’s unique administration, program, and support needs, as well as the areas dedicated to circulation throughout the space. Usable square footage does not include major structural elements of a building (such as walls) or shared building amenities (such as lobbies).

• GROSS SQUARE FEET // The amount of square feet required for a tenant’s dedicated premises, for the areas dedicated to circulation throughout those premises, and for the areas comprising the major structural elements of a building. Major structural elements are those that enclose the space and/or are found within the space, such as interior and exterior walls. Gross square footage does not include shared building amenities, such as lobbies.

• RENTABLE SQUARE FEET // The standard sizing metric used by tenants, landlords, and brokers in lease-based real estate transactions. A space’s Rentable Square Feet equals the amount of square feet required for a tenant’s dedicated premises, for the areas dedicated to circulation throughout the space, and for a portion of the building’s major structural elements (such as walls) and shared building amenities (such as lobbies).

• ZONING SQUARE FEET // A zoning-specific unit of measurement that is roughly equivalent to Gross Square Feet, with some specific exceptions. For example, most below-grade (eg. cellar) space is not included when calculating Zoning Square Feet (ZSF). The term Zoning Floor Area (ZFA) is sometimes used interchangeably with ZSF.

Please note that, in some cases, the definitions included in our Key Terminology booklet are specific to Denham Wolf's approach to real estate and may not reflect the industry at large. In all cases, we welcome the opportunity to discuss the terms and their nuances with you.

To speak with a member of our team, reach out to Denham Wolf's Gisela Garrett or Eve Dilworth Rosen.