What term refers to the tenant's prorated share of common space, typically expressed in percentages?

The correct term in the context of a tenant's prorated share of common space, typically expressed in percentages, is referred to as the Load Factor. This term is used in commercial real estate to calculate the ratio of usable square footage of a tenant's space to the total square footage of the building, which includes common areas such as lobbies, hallways, and restrooms. The Load Factor helps to determine the total rent a tenant would be responsible for by including their share of these common spaces in the calculation.

Understanding how the Load Factor operates is crucial for managing lease agreements and calculating occupancy costs accurately. It provides a clear picture of how much space a tenant is paying for beyond just their leased area, reflecting a fair allocation of shared resources within the building. This concept is vital for legal managers in ensuring that lease agreements are structured appropriately and that tenants have a transparent understanding of their rental obligations.