Open Space Ratio
Definition of "Open space ratio"
When talking about the open space ratio we are referring to a term that is used in zoning laws and regulations. The open space ratio is a term used to measure open space on a developed land or zoning lot. The open space ratio is calculated in the percentage of open space in the building's square footage. For example, a housing subdivision containing 100 acres has devoted 10 acres to open space. Therefore, the open space ratio is 1/10 or 10 percent (10/100). Or an office building of 10,000 square feet with an open space ratio of 20% will have 2,000 square feet designated to remain open space.
Open Space Ratio in Residential Real Estate
The term open space ratio is a concept that applies to residential developments, and it usually refers to commonly used open space. While not necessarily a way to determine the ratio of “green” open space on lots of land proposed for residential development. The term open space ratio can refer to two types of open space:
- Allowable Areas
Allowable open space are the areas that are required common areas to be maintained and remain undeveloped for the benefit of those living or working on the lot parcel: parking lots, yard requirements, floodplains, recreational areas, stormwater management systems, etc.
- Prohibited Areas
Prohibited open space areas are privately owned sites that are not accessible for those living or working on the lot parcel and that are also available for further structural developments.
How is Open Space Ratio Calculated?
The open space ratio is a zoning law used by municipalities to be able to control the types of buildings built, their height, and their ratio of open space. It is a means for municipalities to ensure that the open space available on a developed land makes up a certain percentage of the lot developed. In most cases, that requirement is of a 20% open space ratio.
Open Space Ratio Formula:
Open Space Ratio (OSR) = Commonly-owned Open Space / Total Area Proposed for Development
So if you have 12 acres available for residential development and you have 6 acres of commonly-owned open space (ponds, recreation area, parking area, buffers, etc) you will have an open space ratio of 50%.
Popular Real Estate Terms
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Same as term yield: The income earned on an investment, typically stated as a percentage of the market price ...
Reconsideration of the value of real property. An example is getting property appraised each year to determine its current value for tax or purposes of determining whether to sell ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Amount of money paid for some form of property. In real estate, the price paid for property is usually the market price; however, in the case of a forced sale, as in a foreclosure sale, the ...
Amount of money that must be charged or invested in the initial stage of a business transaction to demonstrate good faith as well as to help offset some expenses. For example, the customary ...
Refurbishing or rebuilding a property, such as a house, back to its original or earlier condition. ...
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...
Have a question or comment?
We're here to help.