The official start date of the lease term. It triggers the tenant's right to occupy the space and begins the countdown to lease expiration.
The commencement date is often tied to "delivery of possession" -- the date the landlord hands over the space after completing any required construction work. If the landlord faces permitting or construction delays, the commencement date gets pushed back. It is important to distinguish the commencement date from the "rent commencement date," since tenants frequently negotiate free-rent periods where they occupy the space for build-out but do not pay base rent for several months.
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