An Illinois commercial lease agreement is used to define the terms and conditions of a rental arrangement in which commercial property is leased to a tenant. Commercial tenants are often assigned to a significantly longer term than those given in residential tenancies, with an average commercial lease lasting three (3) to five (5) years. Prior to the expiration of the agreement, the landlord may allow tenants the opportunity to extend the lease for one (1) or more additional terms. Lease renewal options and all other rental conditions should be discussed between the parties before executing the agreement.

Lease Application – Landlords of commercial property can use a lease application to examine the background information of potential tenants and ensure their reliability as a leaseholder.

Laws – Chapter 765, Sections 705-755 – Landlord and Tenant