Core and shell vs tenant improvement

The Scope of Development shall clearly identify which components of the Initial Tenant Improvements are Core and Shell Work. Project Partners. Nov 29, 2017 · A tenant improvement allowance can cover the construction of framing and walls, as well as HVAC, electrical and more that are required to convert a shell-space like into an office. Buildings that are new construction or major renovation for the exterior shell and core mechanical, electrical, and plumbing units, but not a complete interior fit-out. 1 Tailored Spaces for Unique Needs. Nov 1, 2020 · Most building LCA studies focus on core and shell (C&S) and rarely assess mechanical, electrical, and plumbing (MEP) and tenant improvements (TI). What Does TI Not Cover? On the other hand, landlords are not likely to let tenant use their TI on miscellaneous expenses specific to the tenant’s needs. Lab space: $125-$150/sf. The completion of a build-out signifies that the structure is ready for tenants to use. The tenant space includes office spaces and a large-scale data center (>1000 kW). The mid-rise office building shell and core unit costs are based on the following representative building program. Step 3: What you need for a commercial alteration - tenant improvement building permit (submittal standards) Step 4: Apply for a building permit and submit your plans. Rent is $0. Tenant improvements, also known as leasehold improvements, are physical changes made to leased commercial property to appeal to and acquire a desired tenant, or to meet an existing tenant’s requirements. This approach allows for the interior spaces, or “fit-outs,” to May 5, 2019 · Here is the short and sweet definition of tenant improvement allowance: A tenant improvement allowance (TA, TIA, TI allowance) is an agreement from the landlord to compensate the tenant for all or a portion of the funds required to construct the commercial space to meet the tenant’s needs. Failure to complete and obtain inspection for shell and core items prior to modification by tenant improvement work may result in the delay of the shell building final inspection approval until completion and final approval of the tenant improvement work. 3 Attracting High-Quality Tenants. It refers to the installation of the basic structure of the building, which creates the 'shell'. Examples of Core and Shell in a sentence. ”If you’re not familiar with this industry-specific term, it refers to a base building with minimal fixtures that allows tenants to build it out to better fit their needs. Tenant improvements can encompass various aspects of the leased property Founded as an in-house general contractor for developer M. TIA is typically expressed as a per square foot amount. Tenant improvements (TI) are the finishes and fixtures that raise space from a base building (or “shell”) to a finished, usable condition. & core elements HVAC distribution for open office layout Level Concrete Floor . Using the two keywords “cold” and “grey”, such a shell space can Jan 23, 2012 · Electronics lab space. furniture: $28 – $80 per square foot. th. These improvements are intended to tailor the space to the specific needs and requirements of the tenant’s business operations. Here is the long explanation of a TI Allowance: The concept of “shell and core” describes a method where the building owner designs and constructs the base building. PBS uses Funds From Operations (FFO) as its main indicator of financial performance. Generally, this means it has sheet-rocked walls that are ready to paint, a finished ceiling with lighting, an HVAC system with ductwork and controls, a completed sprinkler system finished at ceiling Oct 26, 2021 · Leasehold improvements are typically made by the owner. Step 2: Get Early Assistance. For example, if a landlord is offering $20. Based on the number of health-promoting strategies you achieve, WELL recognizes leadership at Silver, Gold and Platinum levels, providing you flexibility on how to meet your goals. White Shell vs Grey Box/Cold Shell – A gray shell is an unfinished commercial space with unfinished floors, bare unpainted walls, and no plumbing, electrical, HVAC or sprinkler systems. The next stage, usually referred to as a Cat A fit out brings the rentable space up to a standard ready for occupation. The uses and/or occupancy groups for tenant spaces that Tenant Sales and Lease Agreement. Carpet and paint for an existing occupied space: $8 – $10/sf. In general, tenant improvement costs are growing faster than rents in all markets in the U. Jun 25, 2018 · Tenant Improvements • The finishes and fixtures that typically take space from the shell condition to a finished, usable condition • Tenant agency elects how its space is to be finished, as long as the space is finished, functional, and compliant with all applicable building codes and standards Mar 5, 2024 · Case studies of core and shell construction projects. This way, the tenants are able to include their own specifications. But before final “TIs” (tenant improvements) are made to make the space business-ready for the occupants, there is a stage (or a shell) that the space exists in. (2021). Adjust the ROU asset: Reduce the initial ROU asset value by the total Feb 27, 2020 · building or addition energy credits shall be allocated to tenant spaces in accordance with Sections C406. 5. The process of obtaining permits for a tenant improvement involves three major stages; In some instances a preapplication meeting may also be benefi space that is essentially revenue neutral. The finishing cost for a white box shell can range between $5 and $20 per square foot. 1, projects with unregulated energy exceeding 50% of the total proposed building energy for the referenced metric (cost, source energy, or GHG emissions), or projects with more than 40% restaurant area may use the less stringent Core and Shell point threshold in lieu of the New Construction Dec 31, 2018 · Title 24 is a set of energy efficiency code requirements established in 2014 by the California Energy Commission “for new construction of, and additions and alterations to, residential and nonresidential buildings,” ( source ). An initial tenant improvement where the core and shell building complied via Section C407 in 2018 or later edition of the Washington State Energy Code. Tenant improvement build-out allowances have increased by double digits in recent years, growing more than 10 percent in 2017, and 13 percent in 2018, according to the 2019 U. Laboratory building shell and core unit costs include the building structure, envelope, vertical circulation, public spaces, physical plant support spaces, and site improvements that constitute the facilities to house the laboratory suites of tenant agencies. Step 1: Research your property and what you need for your project. Jul 1, 2022 · Net vs. Data Center Core and Shell. Some interior improvement costs include: office spaces: $51 – $157 per square foot. The Empire State Building in New York City is a classic example of core and shell construction. Medical/Wet lab space. “Shell and core” is one of the vast real estate vocabulary terms that are used to describe the scope of work involved during construction. To further illustrate the concepts of core and shell construction methods, let's take a look at a few case studies of real-world projects. Guidelines benefit the Core & Shell certified project for two important reasons: First, the Guidelines help tenants design and build sustainable interiors and adopt green building practices; second, the Guidelines Apr 19, 2023 · Cold or dark shells, warm shells, naked shells, and vanilla shells are all available. May 10, 2016 · Shell condition space is ideal for those looking for a blank slate to build office space to suit. This is known as the ‘shell’. Nov 5, 2021 · Shell and core is also known as base build, and it refers to instances where the developer builds the base building (or shell and core), and it is up to the tenant to finish up the space before occupying it. This is money provided by the landlord to build-out or retrofit the existing space so that it works for the tenant’s intended use. These options are called “cold dark shell,” “grey shell” and “warm vanilla box. PDG Sections 2. The Tenant Improvements will cover any construction beyond the specifications listed above. Another Landlord may provide this same equipment, but charge the Tenant for the equipment out of the Tenant’s Tenant Improvement Allowance. Tenants are then left to do a number of tenant improvements, which can take a good amount of time and be somewhat costly. ) A future tenant must obtain and complete a separate Tenant Improvement permit in order to Jul 29, 2020 · A white box shell offers tenants a nearly-finished space for a faster move-in time while a grey shell requires more finishing works to complete the structure. * Cushman & Wakefield. This includes: The external walls and cladding of the building (also known as the building envelope) The floors. In the commercial real estate market, many office buildings are constructed as a core and shell (C&S) by the developer with customized tenant fit The pandemic accelerated tenant demand for ESG assets. Building Permits Subsequent to Issuance of the Core and Shell Permit [Lead Agency: Building Official] Tenant Improvements or Full Building Permits – Tenant improvement or full building permits must be obtained and receive final inspection approval for the areas proposed for occupancy. The term "CORE AND SHELL" shall mean and refer to the Base Building, including any elements thereof located within the Premises, and specifically excludes the Tenant Improvements, FF&E or any work related to tenant improvements constructed by or for Tenant or other tenants or installed within the Premises or within any other tenant's premises (except to the extent included as GSA Public Buildings Service . Oct 29, 2023 · 2 The Advantages of Commercial Tenant Improvements. g. Fire sprinklers to meet shell building code and installed with the shell. Case Study 1: The Empire State Building. Redirecting to /system/files/2012_04_-_FAQ_-_Tenant_Improvements. The space is cold due to the absence of HVAC and grey due to the untreated concrete walls and floor. Dually beneficial to both owner and occupier, core and shell developments allow owners to offer flexible spaces, modified according to tenant requirements; while tenants are offered a customizable space that’s malleable enough for them to adapt it in accordance with their own brand identity. Dark shell: This classification means there are no lighting systems pre-installed. For this guide, we assume a vanilla shell, adequate power, and no change of use or development permits required. Related to Core and Shell Work and Tenant Improvements. Example shown below. LEED BD+C: Core and Shell is the appropriate rating system to use if more than 40% of the gross floor area is incomplete at the time of certification. It is the tenant’s responsibility to ensure provisions for a TI are in the contract and, more importantly, that they favor the tenant for the cost of the build-out. While this type of shell provides the tenant with great flexibility to adapt the space to their needs, it requires the most renovations and upfront expenses. Publish for tenants an illustrated document with the following content, as applicable: a description of the sustainable design and construction features incorporated in the core and shell project and the project’s sustainability goals and objectives, including those for tenant spaces; The cost of tenant improvements can range widely in scope based on the tenant's needs and geography. Dec 19, 2022 · Image credits: Access Projects & Construction. The iterhs marked as "completed prior to start of TI" must be completed by the core and The Landlord builds the shell and delivers to the tenant a concrete floor slab, exterior walls, roof, storefront and electric (w/o panel), gas, water and sewer services stubbed to the premises. Req ID: 1718143861:EA324F1A-74AC-468A-B5D7-98F0FCDA673D. Recognizing that the division Mar 22, 2023 · This is the most basic form that a commercial property can take. Shell & Core Office B-7 Example Program Separate programs are provided for low-rise, mid-rise, and high-rise office buildings. Jun 1, 2007 · Last month, this column addressed special considerations for developing the owner’s project requirements/DID for projects that are designed and constructed as a core and shell (C&S) by the developer with customized tenant fit-out (TFO) of occupied spaces as they are leased. and Canada Fit Out Guide. Construction cost estimation. Salas O’Brien provided complete ASMEP design, construction services, and site design for the two-building data center campus, including a private substation. Project Description In partnership with Mountain Aire Mechanical, MEP provided plumbing engineering services for both the landlord and tenant in this new Build-To Suite office/industrial building. Non-RUPs will not be issued from a future tenant permit. Shell build-out is a crucial process in preparing the interior of a building for occupancy. Definition. Sep 29, 2022 · Landlords usually provide a small tenant improvement allowance, but that is usually far less than you need to customize your new space. During the initial stages, the core is erected, integrating key structural components and service provisions. Over the years, Krismar has managed the construction of more than 4,000,000 SF in core and shell projects and 2,500,000 SF in tenant improvements projects. Term: five years. Apr 20, 2021 · Shell and core definition. Shell. Error: Parameter `callerId` is required. 2 Enhanced Functionality and Efficiency. Separation of building shell and tenant improvements is important to properly price space for tenants. Nov 24, 2021 · The core and shell construction definition refers to a real estate solution. ” Sep 4, 2023 · A tenant improvement allowance, also known as TI, TIA, or TA, is a pre-negotiated sum of money that a landlord will provide the tenant in order to cover all or a portion of construction costs. Oct 12, 2017 · Earning WELL Core & Shell Certification verifies the performance of your building, and communicates to tenants that you are committed to partnering with them in creating a healthy environment for their employees. This rating system is designed for projects where the developer controls the design and construction of the entire mechanical, electrical, plumbing, and fire protection system—called the core and shell—but not the design and construction of the tenant fit-out. It can contribute to slowing the progress of the core/shell permit and result in unclear progress of the work permitted under the core/shell. The allowance never is enough to cover real operations needs with a basic shell package. Determine the total lease incentive amount: Calculate the total value of the lease incentives. Documenting the owner’s project requirements/design intent is valuable for any project and is imperative for On this Page. Edition. If you have a mixed-use building, an And there are advantages and disadvantages to all. 1 and 3. However, issuing TI permits before the core/shell is completed can raise issues for plan review, inspections and record keeping. irstly, the structure’s pre-determined shape and size are Redirecting to /system/files/2012_04_-_presentation_-_Tenant_Improvements. It involves the construction of the basic structure, or “shell,” of a building, along with its core elements, such as stairwells, elevators, and mechanical shafts. Typi-cally this will require a building permit. The most common examples of tenant improvements include improving and/or changing the following: Flooring or Carpeting (e. 50 United Nations Plaza, San Francisco, CA . Our design included a centralized compressed air system with over 65 tool drops throughout the various areas of production within the shop side of the building. Nov 28, 2018 · Add a tenant improvement allowance at $10 per square foot and you’re looking at a $25 per square foot lease that would be an equivalent deal for the landlord should the tenant have rented at about $20 per square foot without an allowance, depending on the length of the lease. Aug 9, 2021 · However, if the core and shell is placed-in-service by the owner, and at some later time tenants lease space in the building, the amount paid for those tenant improvements would be eligible for QIP. They will be able to guide you through the process and ensure that you’re satisfying building codes and ADA TENANT IMPROVEMENTS (TI) Tenant Improvement (TI) permits are required for all areas and occupancies not built out as a part of the Core and Shell. 1. Dec 28, 2022 · White Shell / Vanilla Shell vs Gray Shell. The improvement enhances the space’s functionality for the tenant. The rented property is an Dec 7, 2023 · In the construction industry, the term “core and shell” refers to the primary elements of a building’s structure. The planning for tenant improvement construction can be broken down into three parts: Design. HVAC Maintenance and Plumbing. Walls. Salas O’Brien provided architectural design, permitting, and construction observation for Building B, one of three buildings on the 40-acre Intergate Quincy Campus. Because the landlord garners a higher rent with an allowance White box (sometimes referred to as a vanilla shell or warm shell) is a commercial space that comes partially complete with basic finishings. Tenant improvement allowances are typically more generous when you commit to a long lease term and when your improvements add value to the landlord’s property. I see two approaches to complete the energy model for the tenant improvement areas; 1) use the tenant improvement design to establish the Mar 9, 2021 · Bare shell: This type of building is closer to ready—there might be finished bathrooms, interior walls and basic flooring in place. 295,000 square feet. Electrical service to floor for general office space . Planning. The Englewood location … Core and Shell Development. Mar 9, 2022 · The core and shell approach is common in offices occupied by multiple tenants. As the Federal Government’s landlord, the Public Buildings Service (PBS) is responsible for managing and overseeing the build-out of tenant improvements for agency customers. Situated in a traditionally designed building shell that was abandoned mid-construction, the new Solution Stream office includes client, management, programmer, recreation, and utility spaces on two floors. This type of project occurs when a tenant leases a space within a Commonly Asked Questions About Tenant Improvement Allowances. Building Design and Construction: Core and Shell. $300 million. phone and computer cabling: $2 – $3 per square foot. Size. Landlords usually pay for tenant improvements as agreed upon in a commercial lease, but sometimes the costs of those improvements exceed the tenant improvement allowance. Pricing Desk Guide, 5. A Certificate of Occupancy is not issued for a shell building permit (see Information Bulletin 585 for further information. View whole Malaysia gas station latest petrol prices, address, openning hours, videos, photos, reviews, location, news on WapCar. This phase lays the groundwork for the subsequent construction of the shell, which encompasses the building’s facade That was the design assignment given to CORE Architecture in the design of new office space for Solution Stream. 2. Operating Rent to Calculate Prospectus Threshold Net Rent - Shell Rent, including ownership costs such as real estate taxes and insurance - Amortization of Tenant Improvement Allowance (TIA) - Amortization of BSAC - Parking Rent - Antenna and other space rents - Amortized cost of GSA’s Lump Sum payments (funded by GSA) Apr 22, 2024 · 4 Types of Commercial Tenant Improvements. 4 Increasing Property Value. If possible, work with an experienced architect to design and plan the project. 5 Future-Proofing Spaces. . The roof. All costs are industry sourced. 3 Understanding the Commercial Tenant Improvement Allowance. For features which are intended to impact all occupants, such as amenity and common spaces, Core and Shell projects should use the expected building occupancy or the default occupancy of 250 ft²/person (23 m²/person). Meanwhile, a grey shell can cost $30 to more than $100 per square foot to finish. This includes the core and exterior elements (shell), along with other construction activities, while fit-out works are left to the tenants before occupying the building. Feb 6, 2012 · Here are some basic Tenant Improvement cost guidelines for typical space, including costs to design, permit and construct the improvements: Carpet and paint for an existing unoccupied space: $5 – $7/sf. Vanilla shell: This shell building type includes finished walls, flooring and ceilings, plumbing and lighting. These are among shell and core more notable advantages when it is Jun 7, 2022 · Shell Lease: A commercial lease in which a tenant rents a property with an unfinished interior to which he or she will finish construction and make improvements. The scope of Core and Shell is limited to those elements of the project under the direct control of the owner/developer. 4. When that overage happens, the tenant must pay the 01/03. Like any real estate transaction, there are many different ways a landlord and tenant may reach an agreement. In the middle of our design process, a tenant hired us to build out the space. Non-LEED occupancy has fallen from 90% to 88% over the same period*. Construction Planning. Photo by Blake Marvin/HKS, Inc. Commercial building permit application and important forms. Because of these large variances, it is extremely important to have a representative on your side that can help assemble a team of designers, engineers and contractors to assist with the design and spec tenant spaces, and economic interests in general. S. This solution is the construction of the interior “core” structure and the supportive exterior “shell” structure of a building. LEED BD+C: Core and Shell is designed to address the speculatively driven development market where project teams routinely do not control all aspects of the building’s construction. 2. A traditional speculative office building presents special challenges for the commissioning process. Although they are relatively standard, there is much confusion about how commercial tenant improvements work. Oct 19, 2023 · Search core and shell vs tenant improvement and check where the nearest petrol station is. Sep 21, 2020 · What Is a Tenant Improvement and Betterment? Many commercial property insurance policies define tenants improvements and betterments as fixtures, alterations, installations, or additions to a building that you occupy but don't own. This approach creates a blank canvas for a tenant to Oct 19, 2012 · We applied for Core and Shell for LEED 2009. These categories can have an impact on the cost of rent and the time required to complete construction. Entire Building: These features are required to be met throughout the entire building, in both tenant and owner-occupied spaces. 1 and C406. Core and shell construction is a prevalent method in commercial and mixed-use building projects. A cold, dark shell lacks HVAC, ceilings, interior wall finishes, and lighting. A Pricing Space Plan will show the Mar 12, 2024 · Introduction. Who pays for commercial tenant improvements? The most common practice is that the landlord pays for the commercial A tenant improvement is the action required for completing, remodeling or altering a space within an existing building, speculative or otherwise. pdf. This is why it is so critical to state in Fill in each line for all Shell and TI items in the corresponding division tabs included in the Tenant Improvement Cost Summary (TICS). However, C&S typologies in the commercial sector pose particular challenges to achieving net zero carbon due to the numerous renovations these building undergo through during their service life. A tenant improvement construction project, commonly referred to as “TI” or “leasehold improvement,” involves making modifications or upgrades to a commercial or retail space to better suit the specific needs and preferences of a tenant. When you are remodeling a tenant occupied commercial space, the most basic options you will have to choose from are dark or grey shell turnout, or vanilla shell turnout. Lab Space: $90-$125/sf. The goal is promotion of maximum energy efficiency (Construction projects are among the highest producers of non . EXCEPTIONS: 1. Dec 28, 2023 · Core and shell construction in action involves meticulously orchestrating architectural and engineering elements. Jan 17, 2019 · The real estate definition of a TI (tenant improvements) is the customized alterations a building owner makes to rental space as part of a lease agreement, in order to configure the space for the needs of that particular tenant. Additional Considerations on Costs When building out from a Shell condition, the Tenant should utilize a qualified Interior Architect to produce a Pricing Space Plan. However, these spaces will likely take the longest to get ready for move in due to permitting and Requirements. Specifically, the Laboratory building shell and core includes the following: The landlord offers a Tenant Improvement Allowance of $25,000. 4 The Role of Design Services. Tenants must grasp the distinctions between the various shells and select the one that best meets their needs. This involves the installation of interior walls, lighting, electrical fixtures, flooring, furnishings, and various mechanical installations. It is most often performed for a building owner or a property developer. This guide is based on the average costs of projects across BC. Fill out light green fields titled (SHELL), inputting only cost associated with shell as defined in the SHELL-TI DEFINITION'S tab. Include all subcontractors' soft costs. David Paul Development in 1973, Krismar Construction Company is a part of the entire development process. Feb 16, 2023 · A grey shell building – or a cold grey shell – is the first category of a shell condition. The Core and Shell approved Occupancy for TI’s are deemed approved once final inspections and approvals have been granted. Apr 28, 2023 · A tenant improvement, also known as a leasehold improvement, is a modification or alteration that’s made to a commercial rental space in order to meet the tenant’s specific needs. Is there a finished ceiling? When are the TI dollars the Landlord has provided to a Tenant applicable to improving the premises? Understanding the condition in which the premises are delivered to a Tenant is essential to avoid conflict and costs in the future. Tile) Lighting Enhancements and Ceilings. However, the four types of tenant improvements found below are the most common: Feb 20, 2024 · Improvement Reverts to the Ownership of the Landlord at Lease-End. The rate one pays for rent is based off the tenant improvement allowance May 31, 2020 · The tenant improvement allowance should be a standard component of any lease agreement but, unless tenants have done their homework, it may not be included. Typically, tenant improvements are outlined and discussed in lease agreement negotiations between the landlord and tenant. Commercial lease negotiations include the tenant improvement (TI) allowance. Since 2020, occupancy rates for LEED-certified assets have increased from 90% to 92%. Tenant installs HVAC and distributes within the space. All costs assume a full tenant Aug 14, 2022 · The accounting treatment for lease incentives can be summarized as follows: Identify lease incentives: Review the lease agreement to identify any incentives the landlord provides. In every construction project where a new structure is erected, the first thing to be built is the basic structure or framework. Green Is Good: Sustainable Office Outperforms in Class A Urban Markets. Second, the definition refers to non-residential property, meaning that residential properties are excluded. Built from the ground up, the data center prototype features a “plug and play” exterior electrical power system using shipping-style Shell and core is the first stage of a building's fit out. The core represents the internal support system, including the foundation, load-bearing walls, and structural elements, while the shell refers to the external envelope or framework that encloses the building. Aug 13, 2018 · We’ve talked a lot about Tenant Improvement (TI) permits, but not much has been said in terms of permitting a ground-up construction project or “core and shell. Krismar works closely May 2, 2007 · It is exciting to see that the benefits of commissioning are being realized by more and more commercial real estate developers and their tenants. MID-RISE OFFICE BUILDING SHELL & CORE Tenant Spaces USF General Office 175,160 Tenant Improvement Build-Out Costs and Concessions. FFO is the net income that remains after deducting operating, 2022 (Core & Shell) Ongoing (Tenant Improvements) Construction Cost. Office space: $50-$60/sf. Broadly speaking, upgrades that aren’t specifically tailored for a tenant’s needs usually Core and Shell. CBRS Networks o Access Control o Intrusion Detection o Video Surveillance Atlas Consulting is comprised of individuals who have worked in and around technology systems for K-12, Higher Education, Healthcare, Tenant Finish, Core Aug 16, 2023 · Tenant Improvement Project Basics. This is when the tenant will arrange for their own chosen fit out At a minimum, a shell building consists of all exterior walls, fire-resistive assemblies, mezzanines, stairways and elevators. All of these factors can influence the value of your tenant improvement allowance. TIBs are items you've purchased or installed at your expense, but that you can't legally remove. Minor remodel of an existing unoccupied space (50% or less): $15 – $25/sf. It represents the status of the building made available for leasing, so it can differ based on the interpretations of tenants and building owners. 00 per square foot on a 2,500 square foot commercial Sep 9, 2021 · 1:36 pm. Interior spaces are modified according to the operating needs of the tenant—for example, changes made to ceilings, flooring, and inner Note that under both the LEED v4 update and LEED v4. Shell Build-Out. Dark Shells Versus Vanilla Shells. 50/sq ft/month = $150,000/month. 1 . The core cost is for shell rent, which is the rate charged for space that includes no services or operating costs, tenant improvements or alterations. Mar 10, 2023 · This is one of the reasons why the average cost for just interior finishes has been on an upward trend over the years. It is literally the lowest, rock-bottom level that any commercial building about to be leased can exist as – anything below this would basically be a jobsite still in action. Cascade Mission Critical, Green Design Landscaping. Tenant Improvements Subject to this Section 4, Tenant shall accept the Suite 110 Premises in its “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto Sep 23, 2023 · Tenant improvements (TIs) include a wide range of alterations, modifications, and upgrades made to a leased commercial space by the tenant. bs nw py wv jj wn om em bt pl