A triple-net lease, often used with single-user industrial facilities, means that the tenant pays “TMI” – taxes, maintenance, and property insurance. The tenant is also responsible for all costs associated with their occupancy, including:
▪️personal property taxes
▪️all utility costs
HST is charged on top of the net rent and TMI. FYI: asking for a free rent period or changes to the space (ie. paint, new carpeting or new walls) may also affect the lease rate. TMI may be negotiable on 3, 5 and 10-year leases.
Contact me for help or to learn more: Jonathan@lennard.com