What distinguishes a turn-key project in commercial leasing?

A turn-key project in commercial leasing is characterized by the landlord providing a move-in ready commercial space. This means that the property has been fully constructed or renovated, furnished, and equipped to be immediately operational for the tenant's business needs. The landlord often takes responsibility for ensuring that all necessary improvements meet the tenant’s specifications, allowing the tenant to begin their operations with minimal preparation time.

In contrast, other options provide different scenarios. For example, the first option suggests that the tenant incurs all construction costs, which would not align with the concept of a turn-key project where the landlord typically handles those costs to deliver a ready-to-use space. The third option implies that the tenant has the autonomy to choose their location, which does not relate directly to whether the space is move-in ready. Lastly, stating that the project must be completed before signing the lease does not fully embody the essence of a turn-key arrangement; while completion precedes occupancy, the key feature of a turn-key project is that the space is ready for immediate use upon lease signing.