A sublease is an agreement where someone takes over part or all of an existing lease. This type of lease involves at least three parties.Direct lease space is more expensive and more stable while sublease space is less expensive but shorterterm in nature. The failure of the tenant to retain a reversionary interest in the lease is one of the key distinctions between an assignment and a sublease. Subletting and subleasing may be just what you need to suspend or terminate a lease agreement without suffering costly consequences. Assigning a lease is preferable to subletting for one key reason: liability. Sublet and sublease are two different words for the same concept. The suffixes of each word, "let" and "lease," both mean to rent out a property. A commercial sublease is an agreement to lease space from a tenant rather than directly from a property owner. There are primarily two types of subletting: complete and partial.