Core-shell typically refers to the condition of a commercial property or office space.
Properties listed under this category may include the main structure, basic utilities (such as plumbing and electrical wiring), and sometimes the installation of HVAC systems (heating, ventilation, and air conditioning). It refers to the outer layer or finishing of the space, which may include interior walls, flooring, ceiling, lighting fixtures, and other cosmetic elements.
Core shell means that the core elements of the space are in place. However the finishing touches or customisation have not been completed. This allows tenants or buyers to customise the space according to their specific needs and preferences. It’s common for landlords or developers to offer such spaces as a blank canvas for tenants to fit out according to their requirements.