Work letter / TI (tenant improvement)

A work letter is the lease exhibit that defines the build-out: what work gets done to the space, who does it, who pays, and what condition the space is delivered in. TI stands for tenant improvement — the build-out work itself, often funded by a landlord “TI allowance.”

Why you care: you don’t need to have negotiated it, but you do need to know what it says, because it tells you what’s already promised — what the landlord is delivering versus what you’re responsible for finishing. That line determines a chunk of your scope, your budget, and your punch list. Find this document early (it’s on the First 24 Hours Checklist) and skim it for who-owns-what.

Where it shows up: Construction & Punch, Finance & Procurement.