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Overview

What's Typical

Term

5 years is most common. Shorter or longer leases are possible

Break

Early termination by the tenant is usually subject to a penalty payment. Addressed in the lease agreement.

Renewal

Should be established in the lease contract.

Rent basis

Net. Quoted usually in USD/sq. m./month

Free rent

Up to 3 months (depends on the size of the office).

Escalation

Indexed annually by the U.S. CPI, or by a 3% rate, whichever is higher.

Security

3-6 months' rent, as a letter of credit or bank guarantee

Fit out

Space normally delivered as-in condition. New spaces, in shell condition

Tenant's broker

Landlord pays. If not, tenant should cover the fees.

Subletting

Unusual

Transparency

Limited

Offices

Lima +511 436 6200