Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- Research date
- Sep 21, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
- Operating-model context
- 16 connected conceptsPart of the reviewed REIT Leasing and Capital Deployment; issuer definitions remain distinct where disclosed.
- Company examples
- 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
REIT net effective rent per square foot expresses lease pricing on a per-square-foot basis after applying the issuer's net-effective rent methodology.
It is commonly used in leasing tables for new and renewal transactions.
Why it matters
Per-square-foot rent allows investors to compare leasing economics while controlling for the amount of space leased.
But comparability depends on methodology.
Potential differences include:
- free rent;
- contractual escalators;
- tenant improvements;
- leasing commissions;
- lease term; and
- straight-line assumptions.
Rexford example
Rexford reports net effective rent per square foot together with weighted average lease term, net-effective leasing spreads, and cash leasing spreads.
Source:
Net effective rent per square foot is a leasing-price measure, not property NOI per square foot.
Part of the REIT Leasing and Capital Deployment
Connect lease duration, occupancy states, rent mark-to-market, tenant quality and concentration, development returns, and acquisition or disposition pricing to understand commercial real estate cash-flow durability and external growth.
How the model fits together
- Lease rollover and rent mark-to-market: Weighted average lease term and lease-expiration concentration frame when rent rolls, while tenant retention, cash leasing spreads, GAAP or net-effective leasing spreads, and net-effective rent per square foot show how much space renews and at what economics.
- Occupancy, tenant quality, and contractual rent base: Annualized base rent provides the contractual rent weighting base, leased and economic occupancy separate signed space from rent-paying space, and investment-grade mix, top-tenant concentration, and contractual rent growth describe the credit, concentration, and embedded growth profile of that rent stream.
- Development and asset recycling: Development pipeline shows future capital commitments, development yield relates expected stabilized NOI to development cost, and acquisition and disposition cap rates frame the going-in yield bought versus the property yield sold. Issuer definitions differ, so these measures support capital-allocation analysis rather than a standardized arbitrage formula.
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
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