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  1. #1
    keannu's Avatar
    keannu is offline Key Member
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    Default parcelled up into smaller leases

    1. What does this "parcelled up" mean here? Making "a whole unit" or "individual units"?
    2. I found the difference between "rent" and "lease" is that the former is short-term, while the latter is long-term. Is that the only difference?

    st77)The most dramatic modern contruction in the City of London is 30 St Mary Axe, more commonly known as the Swiss Re building,...The company occupies just the first 15 of the 34 floors, but has never succeeded in renting the other half of the building to another, single, organization. As a result the space has been parcelled up into smaller leases.

  2. #2
    Route21's Avatar
    Route21 is offline Senior Member
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    Default Re: parcelled up into smaller leases

    As they were unable to rent/lease all the other floors to a single tenant, they have decided to break them up into smaller "packages" that would make it easier to lease out to a number of smaller tenants (e.g. instead of, say, a package of 10 floors they may split it into 2 lots of 3 floors and 1 of 4 floors).

    It involves a fair bit more work and hassle letting it out in smaller pa kages, but makes it easier to acquire tenants.

    Hope this helps
    Regards
    R21

    PS: I might rent a car when on holiday but a car regularly used by a travelling salesman may well be leased by his employer from a hire car company.

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