A Favourable Lease arises when an individual or a corporate body negotiates a lease where the future payments which may be fixed and lower than the prevailing market price. In the business valuation, a Favourable Lease qualifies as an intangible asset because it is identifiable, separable and its potential value can be accurately measured. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. To estimate the fair market value of favourable leases, business valuators apply techniques under the market, asset and income valuation methods, focusing on potential economic benefits.