Under Construction – The time between when the building of a structure commences to the time the certificate of occupancy is issued by the building department.
Unencumbered – Real property that is free and clear of liens or any other encumbrances.
Unimproved Land – Real property without any improvements or buildings, but also can mean land in its natural state.
Usable Square Footage – The area contained within the tenant space’s demising walls that is equal to the net square footage multiplied by the circulation factor.
Use – The specific purpose for which a piece of land or a building is intended, designed or arranged to be used. That enjoyment of real property which consists in its employment, occupation, exercise or practice.