I've posted about it elsewhere in the comments here, but it is extremely common for commercial leases to be "shell" leases - basically, leasing an unfinished in

I've posted about it elsewhere in the comments here, but it is extremely common for commercial leases to be "shell" leases - basically, leasing an unfinished interior that the tenant customizes to their requirements. Different businesses have radically different interior needs, so if a space can have multiple potential uses the landlord often won't bother trying to commit the space to a particular business like a restaurant space, retail space, etc. Tenants get exactly their finishes and furnishings to spec, landlord doesn't have to guess how tenants will want to use the space. Others have posted about how it is also somewhat common for landlords to cover some of these conversion expenses as a concession. "Warm shell" would typically be a space which is mostly ready for occupancy, has HVAC and lighting and bathrooms, etc. "Cold shell" means the utility hookups exist but don't go anywhere and there is essentially nothing in the space.