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Lease agreements are often drafted in English and are full of technical terms. We have put together a brief overview of the most important terms so that you don’t miss important things when negotiating your new offices.
ADD – ON FACTOR – Coefficient defining the portion of shared common areas (such as reception, lobby, corridors) that the Tenant pays in his lease.
BREAK – Tenant´s right to terminate its lease earlier than the standard leased contract is signed for. A break option is typically after three years in the case of five year lease contracts.
COMMENCEMENT DATE – start of the rent period
CONTRACTION – reduction of the leased premises
EFFECTIVE RENT – basic rent decreased by discounts and incentives
EXPANSION – enlargement of the leased premises
EXTENSION – prolongation of the lease contract
FIT-OUT CONTRIBUTION – Landlords´ contribution to the building of partitions and any other interior equipment in the leased premises
FIT OUT – partitions and other fittings of the leased space
FAN-COIL – cooling and/or heating unit
FLOOR BOX – box situated in the raised floor used for electrical, data and telephone cabling connectivity
GROSS LETTABLE/RENTABLE ARES – total rentable area including the portion of shared common areas
HANDOVER DATE – date of the return of the leased premises to the Landlord
HEADCOUNT – number of employees
HEADLINE RENT – basic rent with no discounts or incentives
HEADS OF TERMS (HOT) – written agreement on the key commercial lease terms
HOLDOVER – a short-term prolongation of the lease contract
INCENTIVES – bonuses offered by the Landlord (rent-free periods, fit-out contributions, any others financial contribution
INDEXATION – rental increases according to inflation, usually on an annual basis
LANDLORD – pronajímatel, majitel budovy
LEASE CONTRACT/LEASE AGREEMENT – formal document that identifies the lessor, lessee, and the leased asset of property
LEASE TERM – leased period
LEASED PREMISES – leased space
NET LETTABLE/RENTABLE AREA – the rentable area without any shared common areas
OPEN PLAN – working place without partitions
PARKING RATIO – proportion of parking spaces per office space (for example 1/40 means 1 parking lot for 40 sqm of office space)
RAISED FLOOR – raised floor for cabling.
REINSTATEMENT – renovation of the rented space before the lease termination
RENT – tenant’s regular payment to a landlord for the use of property
RENT FREE PERIOD – period when the tenant does not pay rent, only service charges
RfP/Request for proposal – tenant´s request for official written offer provided by the landlord
RfR/Right of first refusal – tenant´sright to be offerd free-up space before others
SUBLEASE – tenant offering part of its. Whole leased premises for further lease
SUSPENDED CEILING – a suspended ceiling is a type of finish system that is hung below the ceiling structure within a room or building.
SHELL & CORE – base build
SPACE PLAN – proposal for the best use of the leased premises.
SERVICE CHARGES – charges for services and energy added to the rent
TELEPHONE BOX/ TELEPHONE BOOTH/COCOON – small room to conduct uninterrupted phone call.
VIEWING – visit of the premises which of interest
WORKPLACE STRATEGY – study of how the interior working space is being used