🧱 Shell, Vanilla Box, or Turnkey? Know Before You Lease! 🚪

Bill Rapp, CRE Broker

Published on: 26/06/2025

💡 Shell vs. Vanilla Box vs. Turnkey: What Commercial Tenants & Investors Need to Know When leasing or purchasing a commercial property, especially in retail, office, or flex space, one key detail can dramatically impact cost, timing, and customization: the level of buildout. The terms Shell, Vanilla Box, and Turnkey define how move-in-ready a space is—and they’re not interchangeable.