Which of the following is typically included in economic covenants?

Economic covenants in commercial real estate often refer to stipulations within a lease or financing agreement that address financial aspects and obligations of the parties involved. These covenants can include details such as rent escalations, capital expenditures, and financial metrics that must be maintained throughout the term of the lease.

The tenant improvement allowance is commonly included in economic covenants because it directly affects the financial relationship between landlord and tenant. This allowance represents a sum of money that the landlord agrees to provide to the tenant to help with renovations or improvements to the leased space. It reflects the landlord's commitment to ensuring the property meets the tenant's operational needs, indirectly influencing rental rates and overall occupancy desirability.

The other options, while related to property management and leasing, typically do not fall under the category of economic covenants. Base property insurance rates and the landlord's operational budget relate more to operational aspects rather than financial covenants. External market indicators provide context for economic conditions, but they are not specific contractual obligations between the landlord and tenant in the way tenant improvement allowances are.