The average rent per square foot over the full lease term after accounting for all concessions such as free rent, rent abatement, and tenant improvement allowances amortized over the term.
Net effective rent enables apples-to-apples comparison of lease deals with different concession structures. To calculate it, spread the total rent payable over the lease term (after deducting the value of concessions) over the total square footage and term months. For example, a 5-year deal at $30/sf/year with 6 months free rent has a net effective rent of $27/sf/year. Landlords typically advertise "asking rent" (face rent), while tenants focus on net effective rent for budgeting. Lease abstracts should capture all components needed to compute this figure accurately.
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