Advisory acting on behalf of an owner to lease and market space.
Related terms
- Lease assignment
The transfer of a tenant's entire leasehold interest to a new tenant, who steps into all the lease obligations; usually requires the landlord's prior consent.
- Licence to occupy
A personal permission to use space that grants no exclusive possession or leasehold estate; more flexible and easier to terminate than a lease, common for shor…
- Make-good
The tenant's obligation to strip out fit-out and restore the premises to an agreed condition at lease end; the Gulf and Asia-Pacific term for reinstatement.
- Net lease
A lease in which the tenant pays some or all operating costs on top of base rent.
- Occupancy rate
The share of available space that is currently let or used.
- Over-rented
Where the passing rent exceeds current market rent, so the excess income is at risk of falling at the next review or lease renewal.
- Passing rent
The rent actually being paid under a lease at a given date, as distinct from market rent or estimated rental value.
- Privity of contract
The doctrine that only the original parties to a lease are bound by its terms, meaning an original tenant can remain liable even after assigning the lease.