A development arrangement in which a landlord constructs a building to a specific tenant's requirements, with the tenant committing to occupy the building under a long-term lease upon completion.
Build-to-suit (BTS) projects are common for large corporate headquarters, distribution centers, manufacturing facilities, and healthcare users whose operational requirements cannot be met by existing inventory. The tenant provides detailed specifications; the landlord (or a developer) finances and constructs the building; and the tenant executes a long-term lease (typically 10–20 years) that amortizes the development cost. BTS leases often include completion guarantees, performance specifications, and penalty provisions for delivery delays. Because the building is custom-constructed for one tenant, it may have limited re-leasing flexibility, which is a risk factor that affects lease pricing and cap rates.
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