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Glossary of Real Estate Terms
HVAC
The acronym for heating, ventilating and air conditioning
Hard cost
The cost of actually constructing property improvements
High-rise
In the central business district, this could mean a building higher than 25 stories above ground level, but in suburban markets, it generally refers to buildings higher than seven or eight stories.
Highest and best use
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value
Hold-over tenant
A tenant retaining possession of the leased premises after the expiration of a lease
Holdbacks
A portion of a loan commitment that is not funded until an additional requirement is met, such as completion of construction
Holding period
The length of time an investor expects to own a property from purchase to sale
Hybrid debt
A mortgage position with equity-like participation features in both cash flow and the appreciation of the property at the time of sale or refinance
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