The average per square foot rent paid by the tenant over the term of a lease. Takes into account only free rent and rental adjustments. Does not include allowances, free parking and other similar landlord concessions.
The actual rental rate per square foot paid by the tenant after first subtracting any free rent from the total lease obligation.
The actual rental rate to be achieved by the landlord after deducting the value of concessions from the base rental rate paid by a tenant, usually expressed as an average rate over the term of the lease.