in a building or project, floor space that may be rented to tenants; area upon which rental payments are based. It generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.

in a building or project, floor space that may be rented to tenants. The area upon which rental payments are based. Generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.

Example: A building with 10 floors, each containing 3,000 square feet of space, may have a net leasable area of 25,000 square feet. Elevators, hallways, etc., absorb the remaining 5,000 square feet.