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Rent Free Period

A financial incentive provided by a landlord to a tenant under a lease agreement where the tenant receives the right to occupy the space for a period of time at no cost (the rental rate is 0).  Short rent free periods (one to three months) are often offered by landlords to help cover moving and minor fit out costs of new tenants to encourage them to move rather than renew the lease in their current office.  Longer Rent Free Periods (three to nine months) are offered to cover the costs of fitting out new office space from Shell & Core. Rent Free Periods are also offered as a pure commerial incentive to attract tenants.  In a market with high vacancy very long Periods (up to two years or more) may be offered to attract an Anchor Tenant or simply fill a building. Sometimes (especially for long Rent Free Periods) tenants will pay operating expenses during the Period. Usually tenants will pay the costs of utilities consumed during the Rent Free Period.

Term in Russian