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participants, based on available data. Two Scope of Work prospective value opinions may be required to 1. The type of data and the extent of research reflect the time frame during which and analyses. (SVP) development, construction, and occupancy will 2. The type and extent of research and analyses occur. The prospective market value—as in an appraisal or appraisal review completed—reflects the property's market value assignment. (USPAP, 2016-2017 ed.) as of the time that development is expected to (Dictionary,6th Edition) be completed.The prospective market value—as stabilized— reflects the property's market value Stabilized Occupancy as of the time the property is projected to 1. The occupancy of a property that would be achieve stabilized occupancy. For an income- expected at a particular point in time, producing property, stabilized occupancy is the considering its relative competitive strength occupancy level that a property is expected to and supply and demand conditions at the achieve after the property is exposed to the time, and presuming it is priced at market market for lease over a reasonable period of time rent and has had reasonable market and at comparable terms and conditions to other exposure. A property is at stabilized similar properties. (See USPAP Statement 4* and occupancy when it is capturing its Advisory Opinion 17.) (Interagency Appraisal and appropriate share of market demand. Evaluation Guidelines) (Dictionary,6th Edition) 2. An expression of the average or typical occupancy that would be expected for a Rentable Area property over a specified projection period For office or retail buildings,the tenant's pro rata or over its economic life. (Dictionary, 6th portion of the entire office floor, excluding Edition) elements of the building that penetrate through the floor to the areas below.The rentable area of a floor is computed by measuring to the inside Tenant Improvements(Tls) finished surface of the dominant portion of the 1. Fixed improvements to the land or structures permanent building walls, excluding any major installed and paid for use by a lessee. vertical penetrations of the floor. Alternatively, 2. The original installation of finished tenant the amount of space on which the rent is based; space in a construction project; subject to calculated according to local practice. periodic change for succeeding tenants. (Dictionary,6th Edition) (Dictionary,6th Edition) Replacement Cost Vacancy and Collection Loss The estimated cost to construct,at current prices A deduction from potential gross income (PGI) as of a specific date,a substitute for a building or made to reflect income reductions due to other improvements, using modern materials vacancies, tenant turnover, and nonpayment of and current standards, design, and layout. rent; also called vacancy and credit loss or (Dictionary,6th Edition) vacancy and contingency loss. (Dictionary, 6th Edition) 121