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Secondary units (property): Properties that are not deemed to be prime, either because of poor location, configuration or tenant.
Sector: The category in which funds or companies are grouped.
Securities: Another name for stocks and shares; also applies to any approved or registered financial instrument, such as unit trusts.
Securitisation: A financing technique where the income stream of an asset is used to service the interest and principal repayments on the relevant debt instruments.
Speculative development: The construction of a building or buildings where there is no known buyer or tenant at the outset; the scheme is offered for sale or to let, usually at or near completion.
Swaps: An agreement in which two counterparties agree to exchange one cash flow stream for another.