Calcolatore Indennita Migliorie Inquilino — Formula

## Tenant Improvement Allowances

A tenant improvement (TI) allowance is money the landlord provides to the tenant for customizing or building out the leased space. It is a standard incentive in commercial leasing.

### How TI Allowances Work

1. The landlord offers a dollar-per-square-foot allowance
2. The tenant designs and constructs improvements to suit their needs
3. Costs within the allowance are covered by the landlord
4. Costs exceeding the allowance are paid by the tenant
5. The landlord amortizes the TI cost over the lease term as part of the return calculation

### Typical TI Ranges

- **Office (new build)**: $40-$80 per sq ft
- **Office (refresh)**: $15-$35 per sq ft
- **Retail**: $20-$50 per sq ft
- **Industrial**: $5-$15 per sq ft

### Negotiation Tips

- Longer lease terms justify higher TI allowances
- Strong-credit tenants get better TI packages
- TI is essentially a loan baked into the rent, not free money

Esempio Risolto

5,000 sq ft space with $45/sq ft TI allowance, estimated $65/sq ft buildout cost, 7-year lease, 8% landlord amortization rate.

  1. Total TI allowance: 5,000 x $45 = $225,000
  2. Total buildout cost: 5,000 x $65 = $325,000
  3. Tenant out-of-pocket: $325,000 - $225,000 = $100,000
  4. Allowance coverage: $225,000 / $325,000 = 69.2%
  5. Monthly amortization: approximately $3,493 (at 8% over 84 months)
  6. Total amortized cost: $3,493 x 84 = $293,412