Glossary

Under construction

The period of time after construction has started but before the certificate of occupancy has been issued.

Under contract

The period of time after a seller has accepted a buyer's offer to purchase a property and during which the buyer is able to perform its due diligence and finalize financing arrangements. During this time, the seller is precluded from entertaining offers from other buyers.

Underwriter

A company, usually an investment banking firm, that guarantees or participates in a guarantee that an entire issue of stocks or bonds will be purchased.

Unencumbered

Property that is free of liens and other encumbrances.

Unimproved land

Most commonly refers to land without improvements or buildings but also can mean land in its natural state.

Unrated classes

Typically the most subordinated classes of CMBS.

Update

Search engines frequently update their algorithms and data sets to help keep their search results fresh and make their relevancy algorithms hard to update. Most major search engines are continuously updating both their relevancy algorithms and search index.

UPREIT (umbrella partnership real estate investment trust)

Organizational structure where a REIT's assets are owned by a holding company for tax purposes.

URL Rewrite

A technique used to help make URLs more unique and descriptive to help facilitate better sitewide indexing by major search engines.

Usable square footage

The area contained within the demising walls of the tenant space that equals the net square footage multiplied by the circulation factor.

Use

The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged.