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It typically refers to activities making a commercial tenant interior space suitable for occupation. Often fit-out construction is performed by a tenant’s own contractor, as opposed to the landlord’s construction company.
A contractor working for a commercial space landlord will typically develop an interior space as a “white box” or “shell.” This occurs whether it’s for a new build, or adapting a previous tenant space to make ready for new tenants to look at and be ready to sign a lease.