Bundle of rights
The separable rights connected to property: use, lease, exclude, finance, alter, develop, sell, and sometimes demolish. Preservation clarifies that these rights operate within public obligations and shared consequences.
Offering
The useful, civic, cultural, and sensory value a building gives to people beyond its owner. Borrowing from Louis Kahn’s question of what a building “wants to be,” it asks what the place can still do for a community.
Obsolescence
A changing judgment that a building has lost utility or value. Daniel Abramson shows it is made through markets and culture, then often revised through reuse and preservation.
Heritage yield
The recurring local return created when historic fabric makes a place distinctive, usable, visitable, and narratable: visitor spending, jobs, events, local trade, and repeat visitation.
Use value and exchange value
Use value is what a place enables in lived experience. Exchange value is its market price or revenue potential. Good preservation writing holds both in view and refuses to confuse one for the other.
Adaptive capacity
A building’s ability to accept new uses without losing the qualities that make it valuable. It is a form of future economic resilience, not a concession to the past.