The majority of co-ops allow you to only sublet for 2 years out of every 5 years provided you have hit the minimum residency requirement. A sublease is the practice of a tenant renting out a property to a third party for the duration of the original tenant's lease agreement.Sometimes ending a commercial lease early is the best decision for tenants. Let's take a look at different exit strategies and what they mean for you. What is a sublease agreement in NYC? What does a sublease contract look like? PREAMBLE: This Sublease contains the agreements between You and Owner concerning the rights and obligations of each party. Search through the list and description of all AIR CRE Contracts and forms for use in commercial real estate transactions. Find the perfect office space in Orange County. Check out our Orange County office sublease listing to see what's available or to list your space.