A space is listed as being in new condition when it falls completely within a structure or part of a structure that was built within the past 5 years.

The five-year interval concerns when the containing structure or extension was built. A newly occupied space in an older structure does not become new solely because its occupant has changed.

Renovated condition instead concerns significant recent improvements in a structure more than five years old. The distinction separates recent construction from renewal of older space.