The time in which a landlord and tenant enter into an agreement to lease space. This timing should be identified in lease agreement signed by both parties. For instance, if I leased an office for one year starting February 1, 2018 the lease would expire on 1/31/19. The lease term would be one year.
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.