For Commercial Professionals

LOIs, NNN, TI allowances, and the vocabulary that closes deals.

NNN vs Gross vs Modified Gross, in plain English

Gross: landlord pays operating expenses out of your rent. Simplest for tenants; usually the highest headline number.

NNN (Triple Net): tenant pays base rent plus the three nets — property taxes, insurance, and CAM (common area maintenance).

Modified Gross: a negotiated split. Always ask which line items are 'stopped' at a base year.