An Illinois property manager is preparing to lease a commercial space. The lease type that requires the tenant to pay a base rent plus all or most property expenses (taxes, insurance, maintenance) is a:

Explanation

A net lease (particularly a triple net or NNN lease) requires the tenant to pay base rent plus some or all property operating expenses: property taxes (first net), building insurance (second net), and maintenance/repairs (third net). NNN leases are common in commercial real estate (retail, industrial) in Illinois. Under a gross lease, the landlord pays most expenses from a higher base rent. Net leases transfer operating cost risk to the tenant.