Build a Working Capital Strategy that Strengthens Your Financial Future:
Glossary
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Gray Shell/Cold Shell

Gray Shell/Cold Shell

What is a Gray Shell/ Cold Shell?

An unfinished structure with an open floor plan that lacks restrooms, ceilings, lighting, flooring, HVAC ductwork, and has little to no plumbing and electrical systems.

More In-depth Definition of Gray Shell/Cold Shell

A Gray Shell or Cold Shell refers to a partially completed building that includes the exterior envelope (such as walls, roof, and windows) but lacks interior finishes, fixtures, and systems. This state of construction allows for future interior build-out and customization by tenants or owners, providing a flexible space that can be adapted to specific needs.

Example of a Gray Shell/Cold Shell

Building with basic exterior and unfinished interior.