A commercial lease is a legally binding agreement made between a landlord (usually, the property owner) and a business tenant. Most often, commercial real estate is leased to tenants to conduct income-generating activities. This broad category of real estate can include everything from from a single storefront to a huge shopping center.
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Some businesses own the buildings they occupy. However, the more typical case is that the commercial property is leased. Usually, an investor or group of investors owns the building and collects rent from each business that operates there. Commercial lease rates—the price to occupy a space over a stated period—is customarily quoted in annual rental Rupees per square foot. Conversely, residential real estate rates quote as an annual sum or a monthly rent.
Commercial leases will typically run from 1 year to 10 years or more, with office and retail space typically averaging between five and 10-year leases. This can be contrasted with more short-term yearly or month-to-month residential leases.