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How commercial rent is quoted
The same shop can be advertised in very different ways. In the USA, Canada and the UK, landlords usually quote a rate per square foot per year, so a "$30" office of 1,200 sq ft costs $36,000 a year, or $3,000 a month. In India, rents are usually a monthly total or a rate per square foot per month. In much of Europe, the Middle East and Asia, they are quoted per square metre, per month or per year (one square metre is 10.7639 sq ft).
The lease type matters as much as the number. In a gross lease the rent includes the building's running costs. In a triple net (NNN) lease you also pay your share of the property taxes, insurance and common area maintenance, which can add a large amount on top of the base rent, and the CAM part is usually settled against the real costs once a year. In a modified gross lease the two sides split those costs as they agree. To compare spaces fairly, add the NNN costs to the base rent before you compare.
Questions people ask
How do I convert rent per square foot per year to monthly rent?
Multiply the rate by the area to get the yearly rent, then divide by 12. For example, 1,200 sq ft at $30 per sq ft per year is $36,000 a year, or $3,000 a month.
How many square feet are in a square metre?
One square metre is 10.7639 square feet, and one square foot is 0.0929 square metres. To turn a rent per square metre into a rent per square foot, divide it by 10.7639.
What does a triple net (NNN) lease really cost?
Add the base rent to your share of the property taxes, the building insurance and the common area maintenance (CAM). These are usually quoted per square foot per year, so add the rates first and then multiply by the area.
Why are rents quoted differently in different countries?
In the USA, Canada and the UK, commercial rents are usually quoted per square foot per year. In India they are usually a monthly amount or a rate per square foot per month, and in much of Europe, the Middle East and Asia per square metre, per month or per year. This calculator converts between all of them.