definition
strict definition
first unit rented
The first unit rental for a structure occurs, whether before, during, or after construction.
Rental of the first units occurs whenever the first lease is signed, whether it happens before, during, or after the construction phase. Pre-rentals count for this event as much as regular rentals.
Signing the first lease establishes the event. Actual move-in or the start of business operations can take place at a later date.
Leases signed before or during construction count alongside leases signed after completion. A fully finished and occupied unit is not required for the first-rental milestone.
Related definitions
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consecration
The moment when a place officially receives a religious status as a sacred site. -
elevator inspection
An official review of a structure's elevators by the governmental authority responsible for code compliance. -
first tenants move in
The first regular occupants move in and begin using a structure, potentially before all construction is complete. -
first unit sold
The first unit of a structure is sold, whether before, during, or after construction. -
full inspection by private contractor
A professional on-site review of an entire structure or site by an independent private third party. -
full inspection by public authority
A professional on-site review of an entire structure or construction site by a government representative. -
observation area closes permanently
A room or deck for high observation is closed to the public, without prospect for re-opening. -
observation area opens
The first general public access to a designated high observation area, whether free or admission-paid. -
occupancy permit issued
A legal certificate is issued by the government allowing occupancy of a structure to begin. -
official dedication
A ceremony or declaration for the opening of a structure is held by its owner, developer, or manager. -
usage begins
Operation begins in at least one of the assigned uses of a structure or other object. -
vacancy begins
Total vacancy begins when no tenant or regular user remains in use of a place, excluding routine temporary closures. -
vacancy ends
A place resumes regular use or receives new occupants after a significant period of vacancy or disuse. -
vacating begins
The first tenant moves out in a continuous and deliberate process of vacating an occupied area or structure.