Tenant Options a right of first offer option that you may exercise if your landlord decides to sell the property; or. a right of first refusal option that provides you with the right to purchase the property on terms that your landlord has negotiated with a third party.

What is included in tenant improvements?

These include changes to walls, floors, ceilings, and lighting, among others. In actual practice, these customized tenant improvements usually have a useful economic life of 5 to 10 years, which spans the average commercial lease term.

What does ti mean in real estate?

So what exactly is a tenant improvement? The real estate definition of a TI (tenant improvements) is the customized alterations a building owner makes to rental space as part of a lease agreement, in order to configure the space for the needs of that particular tenant.