A Triple Net Lease is a commercial lease agreement where the tenant is responsible for the property taxes, building insurance, and common area maintenance costs related to the property being leased. Triple Net Leases are typically used for free standing commercial buildings with common areas (such as parking areas) as a way to make sure that your tenants cover all the expenses associated with use of an entire property.
A Triple Net Lease can benefit the tenant because they may be able to negotiate a lower base rent with the landlord if the tenant is willing to assume these expenses. The Triple Net Lease can also provide the tenant with more control over the property, as they may be able to make decisions about how the property is maintained and managed.
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