This document outlines the terms under which the sublessee will rent the property from the sublessor, defining the dynamics of this unique legal relationship. What is a sublease agreement in NYC?What does a sublease contract look like? Sublease: An agreement in which tenant leases property from another tenant (or "sublandlord") instead of from the landlord directly. Here, we explain what a sublease is, and when subletting your commercial premises might offer a practical solution to a commercial issue. If you're considering subleasing commercial space, there are a lot of different factors to consider. Let us walk you through the process. Using a Commercial Sublease Agreement, you can lease property that you may no longer need or part of a property that you also occupy. Assigning a residential lease agreement and subletting are two distinct ways of transferring tenancy rights in a rental property. Find commercial real estate services and property investment strategies.