Glossary Term Defined

The larger measure of the two gross areas, it includes the area defined as exterior gross area as well as other areas that have a structural floor, or are covered by a roof or canopy, that are typically unenclosed but within the building perimeter. It may be an appropriate measure of area upon which to base an estimated construction cost or for valuation using the replacement value approach of appraisal. Accurate construction cost estimating and replacement cost valuation should consider fully enclosed and finished space differently than unenclosed space, applying unit costs appropriate to various types of space.