What is the Definition of TI Costs - Renewal?

TI Costs - Renewal

Noun

Definition: The expense to physically improve the property to attract existing tenants to renew or extend the lease term for one or more periods, 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. The tenant must pay for amounts above the TI allowance desired by the tenant.

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