The 2024 Market Report is Here: Find Out How Subs are Growing Their Profits
Glossary
/
Gray Shell/ Cold Shell

Gray Shell/ Cold Shell

What is it?

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.

Definition

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

Building with basic exterior and unfinished interior.