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 6 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 5-10 years
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 6 to 12 months in advance.
What is the typical rent-free period, if any?
Usually a rent-free period of 2-3 months for 5-year lease
What is the typical rent escalation?
Annual rent bump of 3%-4%, on average
Does the tenant have the right to sublet?
Yes, but must have landlord's approval.