Definition: Turnkey is a term used to describe many things including employees, products, services, and real estate. When "turnkey" is used in commercial real estate it simply means that the space being rented or purchased is ready to move into. Specifically, all wiring, fixtures, flooring, and superficial decorative items (like paint and carpet) are already in place.
Simply put, you could describe "turnkey" as "a space ready to move into - just 'turn the key' and open the door."
Alternate Spellings: Turn-Key; Turnkey
