A tenant right to lease additional contiguous or nearby space at a future date, typically at pre-agreed terms or at the then-current market rate, allowing the tenant to grow within the building without executing a new lease.
Expansion options come in several forms: a right of first offer on adjacent space when it becomes available; a right of first refusal on space the landlord proposes to lease to a third party; or a "must-take" obligation requiring the tenant to take additional space upon a certain event (e.g., headcount growth). Option rent can be at the same rate as the existing lease, at fair market value, or at a preset escalated rate. Expansion options create a valuable planning tool for growing tenants but can complicate landlord leasing strategy by restricting available space. Abstracts must capture the option premises, exercise window, rent formula, and any conditions on exercise.
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