An agreement between the owner and a
prospective buyer allowing that buyer to
make an offer to purchase prior to the real
property being sold to another potential
buyer. In commercial leasing, the term is
used frequently to denote a concession
giving a tenant the first right, within a
limited period of time, to a designated
additional area or space.
General
Purpose
Buildings offer
features and facilities for for a wide range
of alternative uses. Are the most common
type of structures as they have the widest
appeal in the industrial market. Speculative
construction is almost totally devoted to
this category.
Special
Purpose
Buildings offering
selected features of particular to
specialized industrial processes, e.g.,
distribution of centers that have extensive
loading facilities. Other types of
specialized warehousing or manufacturing
buildings may require reinforced floors or
storage and heavy vehicular traffic. The
special purpose building is not restricted
to one particular user, but is best
described as one that has narrowed
applicability then the general purpose
structure.
Single
Purpose
The single purpose
building has little or no potential for
conversion to uses other than those of thee
intended user. A single purpose building
could be converted but the cost could be
significantly higher and usually neither
economically feasible nor practical.
Such facilities can
be challenging from an appraisal perspective
owning to the usual lack of comparable
properties.
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