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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.
â¢ LEASE (noun) The noun LEASE has 3 senses: 1. property that is leased or rented out or let. 2. a contract granting use or occupation of property during a specified time for a specified payment. 3. the period of time during which a contract conveying property to a person is in effect. Familiarity information: LEASE used as a noun is uncommon. â¢ LEASE (verb)