NAIOP’s updated glossary of common commercial real estate business terms presents an expanded list reflective of an evolving vocabulary across a multidisciplinary workforce. The newly released 2024 edition features 250 standardized definitions categorized by nine different functions, including a new section related to ESG and building certifications.

Last updated in 2017, the glossary debuted in 2004 through the efforts of the NAIOP Research Foundation with input from an industry task force with representation from developers, investors, financiers, brokers and real estate associations. The 2024 edition builds on that earlier work, adding new terms and revising other definitions to align with changing construction design standards.

“If commercial real estate firms use commonly-understood terms, collaboration is easier, deals will close more quickly, and our industry can continue to evolve into a more modern marketplace,” says Marc Selvitelli, president and chief executive officer of NAIOP.

Arising from that modern marketplace, the glossary now includes terms related to cold storage, data centres, new technologies employed in warehouse/distribution space and new investment products, in addition to the 11 key definitions for ESG and building certifications. While the 250 definitions are organized by industry category, there is also a comprehensive alphabetical index of the entire list.