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 tenancy agreement with a 6-month notice period.
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 1-2 months for 5-year lease, for tenants paying a top rental rate.
What is the typical rent escalation?
Annual rent bump of 4%, on average
Does the tenant have the right to sublet?
Yes, with landlord approval.