Whether you are launching a new business or expanding an existing one, the type of commercial lease you sign can have a lasting effect on your costs, responsibilities, and financial stability. In Illinois, especially in growing markets like Aurora, two of the most common types of leases are Gross Leases and Triple Net (NNN) Leases. Understanding the differences between them and how tenant improvements (TIs) are handled can help you make informed decisions before you sign. Let our Kendall County commercial real estate lawyer help.
What Is a Triple Net (NNN) Lease?
A Triple Net Lease, or NNN lease, is structured so that the tenant pays not only base rent but also three major operating expenses: property taxes, property insurance, and common area maintenance (CAM). This arrangement allows landlords to pass through the majority of ongoing property costs directly to tenants.