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A commercial sublease agreement allows a tenant to re-rent a portion of their space to a sub-tenant. Simply drafting a document is not enough - this video discusses important steps to take when subleasing commercial property and creating a legally binding agreement. Watch till the end for an official template. A commercial sublease agreement is used by individuals or businesses seeking to sublet part or all of their leased commercial space. The reasons for subleasing vary, such as making better use of space or financial considerations.