The total leasable area, including common areas, is known as what?

The term that refers to the total leasable area, including common areas, is known as Gross Leasable Area (GLA). This metric is crucial in real estate, particularly in commercial properties, as it represents the sum of all spaces available for leasing to tenants, which encompasses both usable spaces within individual units and shared common areas like lobbies, hallways, and amenities.

By defining the total square footage available for rental, GLA provides a clear understanding of the potential income-generating area of a property. This is essential for appraisers, landlords, and investors when assessing the value or potential earnings of a property. Understanding GLA helps in making comparisons across properties and in determining rental rates, ensuring a consistent basis for evaluating commercial real estate.