The annual rent which a willing tenant would pay to the landlord for the demised premises for the lease period (one year) as determined based on current market conditions. It is the market rental that can be obtained for available-for-rent premises in the marketplace, on terms approximately similar to those of the active/ running leases in the market including (but not limited to) the market for premises currently vacant (but available for rent).

It is also known as a current annual market rental value or a current market rent.