Turn-Key Space
A turn-key space is fully equipped and ready for a new operator to begin business with minimal additional investment. For restaurants, this means kitchen equipment, exhaust systems, grease traps, Ansul fire suppression, plumbing, electrical, and often furniture, fixtures, and equipment (FF&E) are all installed and operational.
Why It Matters for Operators
Turn-key spaces can save 3-6 months of construction time and $150,000-$500,000+ in buildout costs. They are ideal for operators who want to open quickly, first-time operators who lack construction management experience, or concepts that need to test a market before committing to a full buildout. The trade-off is higher key money and less ability to customize the space to your brand.
FWDRE Insight
Don't assume turn-key means ready to open. We always recommend a professional equipment inspection before signing. Check compressor ages on refrigeration units, test all burners, verify the grease trap capacity matches your menu, and confirm the Ansul system's last inspection date. A 'turn-key' space with $40,000 in deferred maintenance isn't actually turn-key.
Related Terms
Upfront payment to an outgoing tenant for the right to take over a lease, fixtures, or goodwill.
A previously occupied commercial space with an existing buildout from a prior tenant in the same or similar use.
A raw commercial space delivered with basic utilities but no interior buildout, finishes, or equipment.
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