Market Concessions definition

Market Concessions means the tenant improvement allowance, rent abatement and other economic terms (other than base rent) for lease transactions for comparable space in Comparable Buildings. In determining the Market Concessions, all relevant factors will be taken into consideration, including without limitation, the applicable lease term, base year, lease rates, escalations, and the then-existing condition of the space in question (i.e., existing improvements within the space used in comparison and within the subject space).
View Source
Market Concessions are the economic concessions that at the time a willing landlord would give and a willing tenant would accept as part of such a comparable lease transaction, including, without limitation and as applicable, abatement of rent and tenant finishout allowance. In calculating the Market Rental Rate and determining the Market Concessions, all relevant factors will be taken into account, including the location and quality of the Building, lease term, amenities of the Property, condition of the space and any concessions and allowances commonly being offered by Landlord for comparable transactions in Southwest office submarket of Austin, Texas. The parties agree that the best evidence of the Market Rental Rate and Market Concessions will be the rate then charged and the concessions then given for comparable transactions in the Southwest office submarket of Austin, Texas.
View Source

Examples of Market Concessions in a sentence

  • The Base Rent rate per square foot for the ROFO Space shall be the Fair Market Rate (defined in Section 54(d) below) and Tenant shall be entitled to Market Concessions (defined in Section 54(d) below), for Space, determined as set forth in Article 54 below.

  • Landlord shall initially advise Tenant of Landlord’s good faith determination of the Fair Market Rate and Market Concessions for the applicable space (“Landlord’s FMR”); with respect to any exercise of a Renewal Option, Landlord’s FMR Notice will be delivered within thirty (30) days following Landlord’s receipt of Tenant’s Renewal Notice.

  • For the forty-five (45) day period following delivery of Landlord’s FMR (or, in the case of the Right of First Offer, Tenant’s delivery of a ROFO Exercise Notice) (the “Negotiation Period”), Landlord and Tenant shall work together in good faith in an effort to agree upon the Fair Market Rate and Market Concessions for the space in question.

  • The Base Rent rate per square foot for the Nineteenth Floor Expansion Space shall be the Fair Market Rate (defined in Section 54(d) below), and Tenant shall be entitled to Market Concessions (defined in Section 54(d) below), for the Nineteenth Floor Expansion Space, determined as of the date that is one (1) year prior to the Nineteenth Floor Delivery Target Date, determined as set forth in Article 54 below.

  • Landlord’s Availability Notice will set forth the location and configuration of any such ROFO Space, the date upon which such ROFO Space is anticipated to become Available (“ROFO Target Date”) and the terms upon which Landlord proposes to lease such ROFO Space to Tenant (i.e., Landlord’s good faith estimate of the Fair Market Rate and Market Concessions for such ROFO Space) for a term which is coterminous with the Term.

  • The parties agree that the best evidence of the Market Rental Rate and Market Concessions will be the rate then charged and the concessions then given for comparable transactions in the Southwest office submarket of Austin, Texas.

  • Once the third broker (the “Arbitrator”) has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the Arbitrator shall make his or her determination of which of the two Estimates most closely reflects the Fair Market Rate and Market Concessions and such Estimate shall be binding on both Landlord and Tenant.

  • In determining the Market Concessions, all relevant factors will be taken into consideration, including without limitation, the applicable lease term, base year, lease rates, escalations, and the then-existing condition of the space in question (i.e., existing improvements within the space used in comparison and within the subject space).

  • The Base Rent rate per square foot for the Ninth Floor Expansion Space shall be the Fair Market Rate (defined in Section 54(d) below), and Tenant shall be entitled to Market Concessions (defined in Section 54(d) below), for the Ninth Floor Expansion Space determined as of the date that is one (1) year prior to the date the Ninth Floor Expansion Space is available for occupancy by Tenant, determined as set forth in Article 54 below.

  • If the two brokers cannot agree upon which of the two Estimates most closely reflects the applicable Fair Market Rate and Market Concessions within twenty (20) days after their appointment, then, within fourteen (14) days after the expiration of such twenty (20) day period, the two brokers shall select a third broker meeting the aforementioned criteria.