An allowance or discount for estimated vacancies (unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

1.Low land between two hills 2. valley

1. Low land lying between hills or mountains 2. the land drained by a river system

1. The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities. 2. The present worth to typical users and investors of future benefits arising out of ownership of a property.

Definition:
1. One form of a shell lease, a vanilla shell is a commercial or residential building with a minimally finished interior, usually with ceilings, lighting, plumbing, heating and cooling (HVAC), interior walls (painted or unpainted), electrical outlets, elevators, rest rooms, and a concrete floor. A vanilla shell is considered ready to lease and ready for tenant improvements (TI's). In many cases, the landlord (the lessor) will offer financial incentives in the form of a tenant improvement allowance (TIA), which pays for or at least partially defrays the cost of any improvements necessary for the tenant (the lessee) to occupy the building itself. Tenant improvement allowances do not usually include furniture, fixtures, and equipment (FFE) or trade fixtures necessary for the tenant to conduct business. Usually vanilla shell improvements (VSI), or those improvements necessary to upgrade the building from a cold shell or base shell state, are not completed until the lease agreement between the tenant and landlord has been negotiated and executed. This ensures that the landlord does not pay for improvements that are unnecessary or that the tenant does not want.

2. The lease agreement or contract for a vanilla shell building. A proper vanilla shell lease should describe in detail the tenant improvements (TI's) that are to be completed, and any other information necessary for construction of the building to be completed (commonly known as build-out) prior to tenant occupancy.

Also known as a Vanilla box.
More or less the same as Lit shell, Lit box, Plain vanilla shell, Plain vanilla box, Plain white box, Plain white shell, Tropical shell, Warm lit shell, Warm lit box, Warm shell, Warm box, Warm vanilla shell, Warm vanilla box, Warm white box, Warm white shell, White box, White shell, or White box shell.


Discussion: Like many real estate terms and phrases, practical use and meanings of those terms associated with shell leases (e.g., vanilla shell, base shell, cold shell, warm shell, etc.) differ by location and situation, sometimes even within the same region or municipal area. As they say, the devil is in the details. The lease or sales contract should clearly and exactly specify the degree to which construction of any sort of "shell" or "box" building has been or will be completed prior to tenant occupancy. As either a tenant or landlord, you should not assume that the other party's definitions of shell lease terminology are the same as yours. Get it in writing, and make sure you understand and agree with all the terms and conditions of the shell lease agreement before you sign. If necessary, have a real estate attorney review the contract prior to its execution.

Shell leasing and its various forms (warm, cold, base, etc.) are used primarily in commercial real estate, but are gaining popularity in upscale condominiums and townhouses and other high-end residential real estate transactions. The idea is to attract either tenants or buyers, or both, by offering customizable living units. Financial incentives in the form of tenant (or buyer) improvement allowances afford new residents the opportunity to select nearly all aspects of interior decor, including relatively large projects such as plumbing and fixtures, wiring, and interior walls.


Terms, Definitions, and Concepts: Real Estate, Construction and Building, Appraisal, Auction, Finance and Investment, Management

Definition: Improvements made to a commercial or residential building resulting in a a minimally finished interior. VSI's usually include ceilings, lighting, plumbing, heating and cooling (HVAC), interior walls (painted or unpainted), electrical outlets, rest rooms, and a concrete floor. A vanilla shell is considered ready to lease and ready for tenant improvements. Usually, vanilla shell improvements are not completed until the lease agreement between the tenant and landlord has been negotiated and executed.
Same as Under-ceiling improvements.

Discussion: Like many real estate terms and phrases, those associated with shell leases (e.g., vanilla shell, base shell, cold shell, warm shell, etc.) differ by location and situation, sometimes even within the same region or municipal area. As they say, the devil is in the details. The lease or sales contract should clearly and exactly specify the degree to which construction of any sort of "shell" building has been or will be completed prior to tenant occupancy.

Shell leasing and its various forms (warm, cold, base) are used primarily in commercial real estate, but are gaining popularity in upscale condominiums and townhouses and other high-end residential real estate transactions. The idea is to attract either tenants or buyers, or both, by offering customizable living units. Financial incentives in the form of tenant (or buyer) improvement allowances afford new residents the opportunity to select nearly all aspects of interior decor, including relatively large projects such as plumbing and fixtures, wiring, and interior walls.


Terms, Definitions, and Concepts: Real Estate, Construction and Building, Appraisal, Auction, Finance and Investment, Management

An exemption from existing zoning ordinances, allowing land use, structures, or other development that is currently not permitted within that zoning district.

Plant life

The purchaser of realty; the buyer; the buyer under an agreement of sale

The seller of realty; the seller under an agreement of sale

To give or grant decision-making authority (as in power of attorney) or property interest to another individual or group.

Terms, Definitions, and Concepts: Legal (Law), Management, Real Estate

Community smaller than a town

Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling) is void.

A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void

1. A vent in the earth's crust through which molten rock, ashes, etc. are ejected 2. a cone-shaped mountain formed by molten rock, cinders, steam, gas, and rock fragments that erupted through the crater An active volcano is one that is pouring forth any or all of these materials. A dormant volcano is one that temporarily has ceased such eruptions.