Glossary of Useful Retail Leasing Terms

In the following section, we have defined some of the most commonly used terms in the real estate industry, as referenced in the previous sections of this leasing tool kit. Read on to familiarize yourself with these terms as you progress through your leasing journey.

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Fair Market Rent (FMR or FMV)
The “proposed” market rent for most Option Terms, which is often determined by Comps, as discussed earlier in the glossary
FF&E
FF&E refers to Furniture, Fixtures and Equipment.
First-Generation (1st Gen)
Refers to newly constructed commercial space that has never been customized for a tenant. This means you are starting from zero and building on a blank canvas. First-gen spaces allow you to select where you place walls, power, duct work, etc.