Any building/rentable area that has been minimally fitted out with basic services (such as ceilings, lighting, plumbing and HVAC) and is now ready to lease to the tenant. Usually these “warm shell improvements” – necessary to convert the building from a cold shell to a warm shell – are only completed following signature of the lease agreement in order to alleviate the Landlord paying for unnecessary improvements that the Tenant may not require. The transition from a “Cold Shell” to a “Warm Shell” is referred to as the “Build-out”.