A commercial lease where the tenant pays base rent plus nearly all operating expenses: property taxes, building insurance, and structural maintenance. The "three nets" represent these three categories of additional cost.
Triple net leases are common in single-tenant buildings, retail outparcels, and industrial properties. Landlords favor them because they provide predictable, bond-like income insulated from fluctuating operating costs. In exchange, NNN base rents are typically lower than gross lease base rents. When abstracting a NNN lease, pay close attention to roof, HVAC, and structural maintenance responsibilities. If the landlord retains responsibility for the roof and exterior walls, it is typically called a standard NNN lease. If the tenant assumes all structural risk, it is an "absolute net" lease.
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How to calculate the true total occupancy cost of a NNN commercial lease including base rent, CAM charges, taxes, and insurance.
A 12-item checklist for tenants reviewing triple-net leases, covering base rent, tax responsibility, HVAC, CAM definitions, and termination rights.
NNN and gross leases shift expense risk differently. Learn how each structure affects your total occupancy cost and what to watch for in the abstract.
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