A single tenant property is occupied solely by one tenant (unless there is a small ancillary tenant like an ATM or Ice machine). The single tenant oftentimes is responsible for its own CAM (common area maintenance).
A multi-tenant property is occupied by two or more tenants. The tenants are responsible for their pro-rata share of CAM, Taxes and Insurance. Exclusive Use clauses are prevalent so that a competing tenant does not occupy an adjacent space.
Build to Suit (BTS)
A BTS is a single tenant property, but involves a ground-up construction specifically tailored for the tenant. There are standard BTS where the Landlord is responsible for the construction of the new building and the tenant pays back the cost over a long term lease (typically 15-25 years). A reverse BTS is where the Tenant is responsible for the construction of the new building, and the Landlord reimburses the Tenant after which the Tenant signs a long term lease to pay for the cost of the building.
Ground Lease (GL)
A ground lease is whereby the Landlord owns the land and leases only the land to a tenant on a long term lease, and the Tenant is responsible for the construction and cost of the new building. Unlike a BTS the Tenant pays for the cost of the building and is only leasing the land from the Landlord, resulting is substantially lower rents. At the end of the Ground Lease term, all improvements and buildings revert to the Landlord.