The triple net (nnn) commercial lease agreement is a real estate contract for non-residential property between landlords and a business tenant. The term triple-net refers to the landlord covering most of the expenses on the property, and that the monthly rent includes all fees related to property taxes, insurance, and common area maintenance (CAM’s) on the property.
They also understand that in a typical commercial lease there is an obligation to pay an assortment of additional costs (usually termed “additional rent”), including: the utilities consumed in their premises; the realty taxes applicable to their premises and the development; business taxes if levied on the business being conducted from their.
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"The devil is in the detail there because commercial leases can be very much written by the landlord and there is no industry standard. "Your retail leases have a bit more protection in them but a commercial lease might have things where you have to repaint and recarpet before you leave.
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Types of lease commercial retail leases. Commercial retail leases are different than home leases, so even if you successfully negotiated hundreds of apartment rentals, you’ll want to do your research before going at it with a commercial landlord. For starters, commercial lease terms tend to be longer than home rental terms, averaging at about.
Negotiating a Lease for Commercial Real Estate. Rent is usually higher with this type of lease because many of these costs are included, but the tenant will pay the same amount each month. net lease: The tenant pays the rent amount and pays for utilities, insurance, taxes, and repairs. double net lease: The tenant pays the rent amount and pays the landlord for insurance and property taxes.
If you have a lease with all three of the costs described in the last paragraph, this is called a "triple net" lease. This refers to the fact that your lease is the base rent, plus CAM, plus insurance, plus taxes or net of the basic rent. Make sure you are very careful in investigating this condition for leases in your area.
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