Let / occupied space is the total rentable area (RA) of real estate stock that is under contract with lessees (that is let and occupied but also that is not able to be let by other parties on the basis of the contract) and / or space that is occupied by owners or intentionally left vacant (i.e. is purposefully not on the market as a vacancy or for sale).
This definition is with regards to a specific real estate market, i.e. for a specific real estate asset class, within a defined geographical area.
There are other useful terms to consider when exploring the dynamics of a real estate market. Vacant space, nominal vacancy rate, structural vacancy rate, shadow space, expanded vacant space, delivery, on hold, stalled development, abandoned development and pipeline entries. These are all important concepts that form the makeup of real estate supply and demand.
