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Would you apply the Industrial Standard to multi-tenant retail strip buildings that are on the same site as a large enclosed mall? The Industrial Standard allows for grossing up common areas, whereas the Retail Standard does not seem to.
Jitesh,
The industrial standard is not really designed or intended for retail strip plazas. The new retail standard is the more appropriate standard to use, however it is ultimately up to the owner/manager which standard to use for marketing and leasing figures.
It is obviously to the landlord's advantage to capture the common areas. Does the new Retail standard explicitly supercede the application of the SIOR/Industrial standard for retail strip plazas?