What is the term for a lease of bare, undeveloped land?

The term for a lease of bare, undeveloped land is commonly referred to as a ground lease. This type of lease signifies an agreement where the tenant is permitted to develop or build upon the land during the lease term, but the underlying ownership of the land remains with the lessor. Ground leases are often long-term arrangements, sometimes extending for several decades, which allows tenants the opportunity to create improvements on the property without acquiring ownership of the land itself.

Land lease typically refers to a similar concept but can sometimes denote leases involving improvements already on the land, creating confusion with ground leases. A build-to-suit lease is a specific agreement where a landlord agrees to construct a building according to the tenant's specifications, which implies that development will occur. A percentage lease involves rental payments based on a percentage of the tenant's sales revenue, and is usually seen in retail contexts, further distinguishing it from the straightforward nature of a ground lease.