When evaluating commercial properties, one of the first distinctions often made is whether a space is offered in shell condition or delivered as a turnkey suite. These terms describe very different starting points for occupancy and are part of how landlords present office or industrial spaces to the market.
Shell space generally refers to unfinished areas within a building. These spaces often lack completed interiors such as flooring, ceilings, lighting, and sometimes even interior walls. The basic structure—sometimes called a “cold shell” or “warm shell,” depending on how much infrastructure is in place—serves as the framework for a future build-out.
Turnkey space is typically delivered in move-in-ready condition. These suites include finished walls, flooring, ceilings, lighting, and other standard improvements. The intent is to provide a complete environment where a business can take occupancy without requiring construction work.
Disclaimer
This article is for informational purposes only. It does not provide legal, financial, or investment advice.
Written by the Keyser Editorial Team
A: Shell space refers to unfinished office or industrial space. It often lacks completed interiors such as flooring, ceilings, and lighting, serving as a framework for future build-out.
A: Turnkey space is typically delivered move-in-ready, with completed walls, flooring, ceilings, and lighting, allowing immediate occupancy without additional construction.
A: The primary difference is the level of finish. Shell space requires construction before use, while turnkey space is finished and ready for occupancy.
A: Furniture is not typically included in a turnkey option.