Floor space refers to the area within a building or structure that is available for use on, above or below the ground level. It includes all usable areas such as rooms, halls, corridors and other open spaces like balconies, verandahs etc., but excludes walls, pillars, staircases, lift shafts, toilets, bathrooms, service ducts or pipes, and any other non-usable area.
In commercial real estate, the amount of available floor space is an important factor in determining the value of a property. The more usable square footage a building has, the higher its potential rental income will be from tenants who require that much space for their operations. Additionally, having ample floor space can also increase the resale value of a property.
In residential real estate, floor space is often used as a selling point to attract buyers looking for larger homes or more room to accommodate growing families. The layout and design of a home can also impact its perceived usable floor space, even if it technically has the same square footage as another property.
Overall, "floor space" is an important measure in real estate that helps determine value, rental income potential, and desirability for both commercial and residential properties.