prelease

American  

[pree-lees] / priˈlis /

verb (used with object)

preleased, preleasing

1. to sign or grant a lease on (a building, apartment, etc.) in advance of construction.

   Agents have preleased more than 60 percent of the new building.

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noun

1. a lease on a building, apartment, etc., that is offered or signed before construction has begun.

Etymology

Origin of prelease

pre- + lease ¹

Example Sentences

See Examples For:

preleased preleasing

He has profited handsomely when office demand is rising: by the time his on-spec buildings open, going rents are often higher than he would’ve gotten if he’d preleased, brokers say.

From Seattle Times ● Jul. 31, 2023

Only a modest proportion of this space has been preleased.

From The Wall Street Journal ● Aug. 21, 2012

Operated by the Inland Group, the development will start preleasing units next year.

From Seattle Times ● Jul. 17, 2023

Porte, a new apartment building in the West Loop area of Chicago, launched preleasing in March.

From Seattle Times ● Jun. 15, 2020