Occupancy Certificate

Also known as a completion certificate or occupancy permit, it is a document issued by the local building authority or municipality certifying that a newly constructed or renovated building complies with all applicable building codes, regulations, and safety standards, and is suitable for occupancy.

Occupiers

Refers to individuals, businesses, or organizations that occupy or use space within a commercial property. Occupiers may include tenants, lessees, owners, or users of office space, retail space, industrial facilities, or other types of commercial real estate.

ODU (Outdoor Unit)

ODU (Outdoor Unit) estate refers to the outdoor component of a heating, ventilation, and air conditioning (HVAC) system that houses the compressor and condenser units. ODU units are typically installed outside of buildings and are connected to indoor units via refrigerant lines to provide cooling or heating.

Office Leasing

It is the process of renting or leasing office space to tenants for use as business premises. Office leasing involves negotiating lease terms, rental rates, lease duration, and other terms and conditions between landlords and tenants.

Office Space

It refers to commercial properties specifically designed and used for office-related activities, such as administrative work, professional services, or business operations. Office spaces vary in size, layout, configuration, and amenities, and may be located within office buildings, business parks, or mixed-use developments.

Open Space

It refers to outdoor areas within a property or development that are not built upon and are left undeveloped or landscaped. Open spaces may include parks, plazas, courtyards, green spaces, or recreational areas that provide amenities and enhance the overall environment of a commercial property.

Operating Cost

The expenses associated with owning, operating, and maintaining a commercial property. These costs typically include utilities, property taxes, insurance, maintenance, repairs, property management fees, and other expenses necessary for the day-to-day operations of the property.

OSB (Oriented Strand Board)

OSB (Oriented Strand Board) refers to a type of engineered wood panel made from compressed layers of wood strands or flakes.

OSI (Outside Space Index)

OSI (Outside Space Index) refers to a measure of the ratio of outdoor space to built-up area within a property or development. OSI is used to assess the amount of open space or green space relative to the total area of the property and is often considered in urban planning and design.

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GLOSSARY