The costs a landlord incurs to operate, maintain, and manage a commercial property, including utilities, insurance, property taxes, maintenance, and management fees, which are passed through to tenants in NNN and modified gross leases.
Operating expenses are the core pass-through cost in most commercial leases. What is included varies widely by lease and must be reviewed carefully in a lease abstract. Common inclusions: janitorial, landscaping, HVAC maintenance, elevator service, security, property management fees, real estate taxes, and property insurance. Common exclusions negotiated by tenants: capital expenditures, depreciation, ground lease rent, leasing commissions, mortgage interest, and costs for other tenants' build-outs. Caps on controllable operating expenses (typically 3–5% per year) are an important tenant protection in longer-term leases.
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