Commercial

Build-out is the work that prepares commercial space for a tenant's specific use, layout, equipment, and occupancy needs.

A letter of intent is a preliminary deal document that outlines major commercial real estate terms before a full contract or lease is drafted.

A percentage lease is a commercial lease structure where rent can include a percentage of the tenant's sales above a defined threshold.

A tenant improvement allowance is a negotiated amount a landlord contributes toward approved work that prepares commercial space for a tenant's use.

A triple net lease is a commercial lease structure where the tenant pays base rent plus major property expenses such as taxes, insurance, and maintenance.

Terms that explain commercial property deals, leasing structure, tenant improvements, and income-producing space.