Property Management
A Virginia commercial property manager is negotiating a lease for office space in Richmond. The tenant wants a 'tenant improvement allowance (TIA).' This means:
AThe tenant will manage their own improvements
BThe landlord will contribute funds toward customizing the space for the tenant's use✓ Correct
CThe tenant receives a rent abatement
DThe landlord waives security deposit requirements
Explanation
A tenant improvement allowance (TIA) is a sum of money the landlord agrees to contribute toward interior buildout of the leased space. It is a negotiated lease incentive in commercial real estate.
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