What is the Definition of Tenant Improvements?

Tenant Improvements

Noun

Definition: Improvements or renovations made to the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord or both. Typically, tenants are provided with a market rate TI allowance ($Isq. ft.) that the owner will contribute towards improvements. Amounts above the TI allowance that the tenant wants must be paid for by the tenant.

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