What does the term tier refer to in real estate?

The term "tier" in real estate typically refers to the divisions of floors within a building. This concept is particularly relevant in multi-story buildings or condominiums where each level, or tier, can represent distinct units or spaces. For example, a high-rise might have multiple tiers that each contain several residential or commercial units, with variations in square footage, view, and price depending on the tier’s location within the building.

In other contexts, "tier" can also imply levels of pricing or services, but in relation to physical structures, it primarily indicates the vertical divisions that separate stories in a building. This makes it important for understanding both the layout and valuation of properties, particularly in urban real estate markets where building height can influence property values.

The other options, while related to real estate terminology, do not accurately capture the primary meaning of "tier" in this context.