Glossary of Useful Retail Leasing Terms

In the following section, we have defined some of the most commonly used terms in the real estate industry, as referenced in the previous sections of this leasing tool kit. Read on to familiarize yourself with these terms as you progress through your leasing journey.

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Rent Abatement
Rent abatement is an agreement between the landlord and tenant that provides a period of free or discounted rent. This usually happens during the first few months of the lease during tenant’s ramp up, construction, or permitting period.
Rent Commencement
The rent commencement date is when the tenant’s first month of rent is officially due. This usually happens when the Landlord delivers the property (or, “the keys”) to a tenant, subject always to the rent abatement period, if any.
Rentable SF
Rentable square footage is a tenant’s usable square footage plus a portion of the building’s shared square footage. This calculation is typical for office leases, less so for retail leases.