Are lease agreements in retail parks still triple-net?

The lease agreements concluded for retail parks increasingly feature solutions that differ from the classic Triple Net Lease agreements, particularly as regards the settlement of operating costs and the division of responsibilities between the parties. The latest trends in this area are reshaping the relationship between the parties, balancing the interests of investors and tenants while responding to increasing market expectations. In this article, we share our observations from the CMS team’s practice and point out the implications of these changes for the retail sector participants. In the commercial real estate sector, it is standard for property owners to use the Triple Net Lease (NNN) agreements. In this arrangement, in addition to the base rent, the tenant bears the full operating costs associated with maintaining the property, including the real estate tax, insurance, fees for maintaining common areas, and utilities. At the same time, tenants in this model can use the