Which of the following best describes an "expansion option"?

An "expansion option" specifically refers to the clause in a lease that allows tenants to request additional space when their business needs grow. This feature is particularly advantageous for businesses that may expect to expand in the future, providing them with the flexibility to adapt their physical space in alignment with growth without needing to negotiate a new lease from scratch.

The correct choice highlights a tenant's ability to secure more space proactively, thus preventing the potential complications of moving to a new location or entering a competitive market for available properties when needing more room. The expansion option can be a crucial part of a long-term strategy for tenants, as it supports sustainable growth and operational scaling.

In contrast, other options do not accurately represent the nature of an expansion option. For example, options related to reducing space or granting landlords rights do not align with the primary purpose of an expansion option, which is focused on tenants increasing their leased space rather than decreasing it or relinquishing their lease. The renewal of a lease, although important in its context, is also a different mechanism designed to provide continuity rather than facilitating expansion.