Introduction
Shared and allocated area is a common concept in real estate, especially when it comes to commercial properties. It refers to the division of space within a building or property among multiple tenants or owners who share the same facilities. This article will explore the different types of shared and allocated areas, their benefits, and how they are calculated.
Types of Shared and Allocated Areas
1. Common Areas: These are spaces that are available for use by all tenants or owners within a property. Examples include lobbies, hallways, elevators, and parking lots.
2. Exclusive Use Areas: These are spaces that are designated for the exclusive use of a particular tenant or owner. Examples include offices, retail stores, and storage spaces.
3. Limited Common Areas: These are spaces that are intended for the exclusive use of one tenant or owner but are shared with others. Examples include balconies, patios, and parking spaces.
Benefits of Shared and Allocated Areas
1. Cost-Effective: By sharing facilities such as lobbies, elevators, and parking lots, tenants and owners can save money on maintenance and repair costs.
2. Fair Allocation: Allocating space based on usage ensures that each tenant or owner pays only for the space they need and use.
3. Improved Property Value: Well-maintained shared areas can increase the value of a property and attract more tenants or buyers.
Calculation of Shared and Allocated Areas
The calculation of shared and allocated areas varies depending on the type of property and the agreement between tenants or owners. In general, it involves determining the total area of the property and then dividing it among the tenants or owners based on their usage.
Conclusion
In conclusion, shared and allocated areas are an essential aspect of real estate management, particularly in commercial properties. They provide cost-effective solutions, fair allocation, and improved property value. The calculation of shared and allocated areas depends on the type of property and the agreement between tenants or owners. By understanding these concepts, tenants and owners can make informed decisions about their property investments.