Tenant improvement refers to customizations or renovations made to a rental space to meet a tenant's specific needs, typically in commercial real estate with a TI allowance budget.
In practice
A commercial landlord offers a $15,000 TI allowance and CRM Services handles the build-out.
Why it matters
TI projects are high-value engagements, especially in commercial property.
Common questions
What is a tenant improvement allowance?+
A set budget the landlord provides for the tenant to customize their space.
Who pays?+
The landlord provides the allowance; the tenant may pay for costs exceeding it.
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