Maintenance Charges

These refer to fees paid by tenants or property owners to cover the costs of operating, maintaining, and repairing common areas and facilities within a commercial property or development. These charges may include expenses for utilities, janitorial services, landscaping, security, property management, and other maintenance activities.

Managed Offices

Managed offices refer to flexible workspace solutions that are fully equipped, furnished, and serviced by a professional office management company. Managed offices offer tenants the benefits of ready-to-use office space with amenities such as reception services, IT infrastructure, utilities, and maintenance, often on a short-term or flexible lease basis.

Market Rent

Refers to the prevailing rental rate that tenants are willing to pay for similar properties within a specific market or submarket.

Market Value

It is the estimated price that a property would likely sell for on the open market under normal conditions, assuming a willing buyer and seller, and with sufficient time for marketing.

MG

It stands for Mortified Gross lease where the Tenant and Landlord share responsibility for the payment of certain property expenses.

Micro Market

A smaller, localized area within a larger real estate market that exhibits distinct characteristics and trends. Micro markets are often defined based on factors such as geographic boundaries, property types, or economic indicators.

Mixed-Use Development

It is a real estate project that combines multiple types of land uses within a single development, typically incorporating a mix of residential, commercial, office, retail, and/or recreational components. Mixed-use developments aim to create vibrant, walkable, and integrated communities that offer a range of amenities and services to residents and visitors.

Mortgage

A loan secured by a property as collateral, typically used to finance the purchase or development of commercial real estate assets. The borrower (property owner) agrees to repay the loan amount plus interest over a specified period, and if they fail to do so, the lender (mortgagee) has the right to foreclose on the property.

Mutation

Refers to the process of updating property records to reflect changes in ownership or other legal status of a property, such as transfers, subdivisions, consolidations, or inheritances.

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GLOSSARY