Bankrupt – The state of an entity or individual that is unable to repay its current obligations and debts.

Base Rent – A fixed amount of rent used as a basis for increasing the rent in the future, usually stated as a percentage of the base, over the term of the lease.

Base Year – Taxes and operating expenses for the first year of a lease. The base sets a foundation for follow-on years.

Basis Point – One-one hundredth of one percent.

Below-Grade – A portion of a building constructed below the surface “grade” level as defined by the building code.

Bid – An offer to buy.  In real estate, an offer for a building/house.

Blind Pool – A real estate investment fund that accepts investor capital without prior specification of what real estate will be invested in.

Broker – An intermediary licensed person who works between two or more parties connected to a transaction, such as real estate broker between the buyer and seller in a real estate sale.

Budget – A balance sheet or statement showing a detailed record of all income earned and spent during a specific period of time.

Buildable Acreage – The portion of a property measured in acres that is available to be built upon after subtracting for roads, setbacks, any open or green spaces and areas where the terrain or other factors make it unsuitable for building.

Building Code – The various regulations and laws set forth by the ruling government body as to the safety standards and construction standards. The code may dictate the criteria for allowable materials, construction and types of internal and external improvements.

Building Standard Plus Allowance – List of building standard materials and costs necessary to make a property suitable for occupancy.  The tenant can use the negotiated allowance to upgrade or customize the materials.

Build-Out – Tenant specified space improvements which take into account the amount of tenant finish allowance that the lease contract provides for.

Build-To-Suit – Leasing of a property where the developer or landlord builds to a tenant’s specifications.