What does Gross Leasable Area refer to?

Gross Leasable Area (GLA) specifically refers to the total floor area within a building that is designed for the tenant's exclusive use. This includes all spaces that tenants occupy, such as offices, retail areas, and other usable facilities. This metric is crucial in commercial real estate as it gives potential tenants or buyers an understanding of the actual space available for rental purposes, excluding areas that are not directly usable by them, such as hallways, stairwells, and utility spaces that do not serve the tenant.

Understanding GLA is essential for landlords and tenants alike, as it directly impacts rental pricing, lease agreements, and property valuation. In contrast, the other options presented do not accurately define GLA; they either refer to common areas, parking, or overall building dimensions, none of which pertain specifically to the areas utilized by tenants.