A lease granted by an existing tenant to a subtenant for part or all of the premises, with the original tenant remaining liable to the head landlord.
Related terms
- Tenant representation
Advisory acting on behalf of an occupier to find and negotiate space.
- Triple net (NNN)
A net lease where the tenant pays taxes, insurance, and maintenance.
- Under-rented
Where the passing rent is below current market rent, giving reversionary upside when the rent can next be increased.
- Upward-only rent review
A review clause under which rent can rise to market level but never fall below the current passing rent; common in institutional leases and favourable to landl…
- Vacancy rate
The share of available space that is unlet, the inverse of occupancy.
- Void
A period during which a property is vacant and producing no rent.
- WAULT
Weighted Average Unexpired Lease Term - the average time remaining on a portfolio leases.
- Yield up
The tenant's obligation to hand back the premises at lease end in the condition required by the lease, with vacant possession.