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Definition. Agreement between a landlord and a business outlining terms and conditions of property rental. A commercial lease is specific to renters using the property for business or other commercial purposes versus residential use. commercial lease is specific to renters using the property for business or other commercial purposes versus residential use.
When that time comes, experts say a great introduction to commercial leasing is the triple net lease. Triple net (or NNN) leases are leases which require the tenant (lessee) to pay for net real estate taxes, net building insurance and net maintenance costs, in addition to the base rent and utilities. The fact that the lessee pays for these three net expenses is (clearlly) where the name âtriple netâ is derived.