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In architecture, construction, and real estate, floor area, floor space, or floorspace is the area (measured in square metres or square feet) taken up by a building or part of it. The ways of defining "floor area" depend on what factors of the building should or should not be included, such as external walls, internal walls, corridors, lift ...
While it directly limits building density, indirectly it also limits the number of people that a building can hold, without controlling a building's external shape. For example, if a lot must adhere to a 0.1 FAR, then the total area of all floors in all buildings on the lot must be no more than one-tenth the area of the parcel itself.
It is the standard traditional measure for real estate floorspace, with an average house reckoned as about 25 pyeong, a studio apartment as 8–12 py, and a garret as 1½ py. In South Korea , the unit has been officially banned since 1961 but with little effect prior to the criminalization of its commercial use effective 1 July 2007. [ 3 ]
Home prices by county (2021) <$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000+ Cost of housing by State. This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow.
The fundamental premise of the cost approach is that a potential user of real estate will not, or should not, pay more for a property than it would cost to build an equivalent. The cost of construction minus depreciation, plus land, therefore is a limit, or at least a metric, of market value.
In commercial real estate in the US, a building's loss factor is the percentage of the building's area shared by tenants or space that are dedicated to the common areas of a building used to calculate the difference between the net (usable) and gross (billable) areas. [19]
The Real Estate Counseling Group of America is a small group of top U.S. appraisers and real estate analysts who have collectively authored a disproportionately large body of appraisal methodology and, the National Association of Real Estate Appraisers (NAREA), founded in 1966, with the goal to elevate the professionalism and success of the ...
Comparison of 1 square foot with some Imperial and metric units of area. The square foot (pl. square feet; abbreviated sq ft, sf, or ft 2; also denoted by ' 2 and ⏍) is an imperial unit and U.S. customary unit (non-SI, non-metric) of area, used mainly in the United States, Canada, the United Kingdom, Bangladesh, India, Nepal, Pakistan, Ghana, Liberia, Malaysia, Myanmar, Singapore and Hong Kong.