those changes, typically to office, retail, or industrial property, to accommodate specific needs of a tenant. TIs include installation or relocation of interior walls or partitions, carpeting or other floor covering, shelves, windows, toilets, etc. The cost of these is negotiated in the lease.
those changes, typically to office, retail, or industrial property, to accommodate specific needs of a tenant. Include moving interior walls or partitions, carpeting or other floor covering, shelves, windows, toilets, etc. The cost of these is negotiated in the lease.
Example: In negotiation with Pag Stores for a new five-year lease on space in a regional mall at an annual rent of $30 per square foot, Crosins Properties agreed to pay up to $20 psf for tenant improvements. Pag Stores needs to put in new carpets, light fixtures, doors, and windows, which will cost considerably more than the allowance.
