I don't know your particular situation, but if your master tenant signed their lease a few years ago, 20% under market rate could still represent a good outcome

I don't know your particular situation, but if your master tenant signed their lease a few years ago, 20% under market rate could still represent a good outcome for both parties. After all, commercial rates have roughly doubled since 2010. (See link below) For sub-leases in particular, other (non-monetary) factors are important, for example willingness of the sub-tenant to vacate at certain timetables, sub-tenant palatability to the landlord, and existing prior relationships with the master tenant. http://my.paragon-re.com/Docs/General/SixtyFortyImages/7-15_Invest_SF_Office-Rents_by-Qtr.jpg http://my.paragon-re.com/Docs/General/SixtyFortyImages/7-15_...