The share of available space that is currently let or used.
Related terms
- 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.
- Reinstatement
A tenant's obligation to return leased premises to their original condition at lease end, removing fit-out and making good any alterations; the cost is often a…
- Rent abatement
A temporary reduction or suspension of rent, granted as an incentive or where the premises become unusable, for example after damage.
- Rent concession
Any reduction from headline rent, such as a rent-free period or reduced rent, given to attract or retain a tenant; the gap between headline and effective rent.
- Rent-free period
A period at the start of a lease during which no rent is charged, used as an incentive.
- Rent review
A contractual reset of rent during a lease, often to market or by indexation.