What is the term of a typical lease?
How is the rent quoted?
What is the tenant's option for termination or break?
Typically, the tenant has the right to terminate the lease with a 3 to 5 months’ notice.
Does the tenant have the option to renew? What is the length of the typical option?
Typically, the tenant has the right to renew, with an average length of 2-5 years.
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 3 to 6 months in advance of lease expiration.
What is the typical rent-free period, if any?
Usually 2-5 months
What is the typical rent escalation?
3% or CPI
Does the tenant have the right to sublet?
Typically to a related/subsidiary company.Otherwise, sublets require the landlord’s written approval.