A space is listed as being in renovated condition when it is within a structure more than 5 years old, but when the space has been significantly renovated within the past 5 years. The renovation must entail significant improvements or upgrades to the visible space or its hidden mechanical systems which bring it in line with market expectations for space of that usage type.

The improvements can concern visible space or hidden mechanical systems. Their effect must bring the space into line with market expectations for its use.

The condition describes older space that has been renewed. New condition instead applies to space wholly within a structure or extension built during the past five years.