A wide variety of asset classes can be ground leased, making this type of agreement very versatile. Ground leases are most commonly associated with vacant land, as it allows the tenant to build or develop on it. However, other asset classes are also commonly involved in ground leases, such as office buildings, industrial properties, residential buildings, and hotels. Some ground leases are also used for retail centers, airports, and even agricultural land. The flexibility of ground leases makes them suitable for a wide range of real estate projects, from small-scale residential developments to large commercial and industrial complexes. The asset class involved often determines the specific terms and structure of the lease, as well as the financial and legal considerations that need to be addressed.