Lease-up

The period or process of bringing a property’s available space into occupancy under leases.

Why it matters

Lease execution, tenant improvements, occupancy, and rent commencement are separate milestones. A completed shell does not necessarily mean revenue begins immediately.

In practice

A project example

A tenant signs a lease, but its space requires further buildout before rent starts under the lease terms.

General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.