A period during which a property is vacant and producing no rent.
Related terms
- 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.
- Anchor tenant
A large, prominent tenant that draws footfall or credibility to a scheme.
- Break clause
A right allowing landlord or tenant to end a lease early on defined terms.
- Common area maintenance (CAM)
Charges recovered from tenants for maintaining shared areas of a building or scheme, such as lobbies, lifts, parking, and landscaping; the retail and commercia…
- Contracting out
Agreeing to exclude statutory security of tenure so the tenant has no automatic right to renew at lease end; the tenant gives up renewal protection at the outs…
- Covenant strength
The financial reliability of a tenant, a key determinant of the value of leased income.
- Dilapidations
Disrepair or breaches of a tenant's repairing and reinstatement obligations, and the landlord's claim for the cost of making them good at or during lease end.