Under construction: The period of time after construction has started but before the certificate of occupancy has been issued

Under contract: The period of time after a seller has accepted a buyer's offer to purchase a property and during which the buyer is able to perform its due diligence and finalize financing arrangements. During this time, the seller is precluded from entertaining offers from other buyers.

Underwriter: A company, usually an investment banking firm, that guarantees or participates in a guarantee that an entire issue of stocks or bonds will be purchased

Unencumbered: Property that is free of liens and other encumbrances

Unimproved land: Most commonly refers to land without improvements or buildings but also can mean land in its natural state

Unrated classes: Typically the most subordinated classes of CMBS

UPREIT (Umbrella partnership real estate investment trust): Organizational structure where a REIT's assets are owned by a holding company for tax purposes

Usable square footage: The area contained within the demising walls of the tenant space that equals the net square footage multiplied by the circulation factor

Use: The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged

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