occupancy: Meaning and Definition of

oc•cu•pan•cy

1. the act, state, or condition of being or becoming a tenant or of living in or taking up quarters or space in or on something: Continued occupancy of the office depends on a rent reduction.
2. the possession or tenancy of a property: You can have occupancy on June 1st.
3. the act of taking possession, as of a property.
4. the term during which one is an occupant.
5. the condition of being occupied: Occupancy of the auditorium is limited to 1200 people.
6. the use to which property is put.
7. exercise of dominion over property that has no owner so as to become the legal owner.