Interpreting lease price: Asking $32psf + $5.04psf NNN over modified shell
Hi All,

I reached out to a broker of a commercial property. The lease price quoted was: Asking $32psf + $5.04psf NNN over modified shell on a 2000 sqft space. Can someone tell me what the $5.04psf is for? What do they mean by over modified shell? Can you help me interpret the lease price that was quoted? Thank you!
[{"id": "gkh8g0g", "text": "Just curious. Any reason you didn\u2019t contact the agent that gave you the quote and asked them?", "replies": [{"id": "gkh8ymi", "text": "I received the quote via email. Before I ask them for clarity, I thought...why not Reddit it!", "replies": [{"id": "gkhmgrx", "text": "I look forward to someone answering :)", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkhd0hc", "text": "The $5.04/ft are the estimated net charges, which are real estate taxes, common area maintenance and property insurance. The $32 is negotiable, the $5.04 isn't. Ask them for a spec on what modified shell means when telling them how you expect the space to be delivered.It's a pretty ambiguous term.\n\nI quote rent the same way they did after initial inquiries just to judge how experienced with commercial leasing the person I'm talking to is. Not that I'm dismissive of inexperienced people, it's just good to know.  Hopefully you sound a little more like you know what you're doing now.", "replies": [], "depth": 1}, {"id": "gkhv8dj", "text": "The $5.04 is for roof maint., common area cleaning, landscaping, taxes, water, electric, garbage, sewer, painting the building, management, and a thousand other little things.", "replies": [{"id": "gkkvogx", "text": "most of the time (at least in the chicago market) the pass thrus do not include any utilities, just the taxes CAM and insurance, so don\u2019t expect power or water or refuse to be included in that figure, utilities are almost 100% of the time the tenants responsibility", "replies": [{"id": "gkkzxjf", "text": "Yep.  Some buildings put the utilities in as they've split floors, or spaces such that, it's easier to include them in NNN's than to set up separate meters.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]