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Owners often give tenants a “free rent” concession—that is, a portion of the term of a lease when no rent is required—to entice them to lease space. For example, in order to attract tenants to your new office building, you might offer a three-month rent-free period to those who sign a five-year lease. Free rent is a very common concession, especially during lease negotiations for space at a shopping center or office building that has a high vacancy rate.
