When securing a new tenant for a commercial rental property, the owner of the property might incur an additional expense that amounts to the cost of refurbishing the rental space to meet the needs of the tenant's business. The allocation of money for this added expense is more commonly referred to as a(n):

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14-03-2022
Business

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When securing a new tenant for a commercial rental property, the owner of the property might incur an additional expense that amounts to the cost of refurbishing the rental space to meet the needs of the tenant's business. The allocation of money for this added expense is more commonly referred to as a(n):

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jaquelinefvr jaquelinefvr · Answer 1 · 2022-03-28T11:58:24+02:00

The allocation of money for the additional expense that equates to the cost of renovating the leased space to meet the tenant's business needs is referred to as a tenant improvement allowance.

What is the Tenant Improvement Allowance?

It corresponds to a previously negotiated amount of money, which will be provided by the owner to the tenant with the aim of covering all or part of the construction costs.

Therefore, a tenant improvement allowance is a resource that can be applied to all construction-related expenses related to physical improvements to the site.

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