Commercial leases are a legally binding contract used to describe the rental arrangement for a commercial property between a lessee and a landlord or property manager. Commercial Lease Terms: Commercial leases include terms such as: Landlord/lessor - the owner of the property being leased; Tenant/lessee - the party renting the commercial property from the owner; Premises - should define the legal address and description of the commercial property being leased; Lease commencement and lease expiration date - the date the lease begins and ends; Commercial leases differ from residential leases in many ways, including fewer safeguards to protect the interests of the lessee. Leases for commercial property are also more open to negotiation than residential leases because of the unique needs of business owners.