concession

noun

an act or instance of conceding, granting, or yielding
a thing conceded or granted; acknowledgment, as of an argument or claim
a privilege granted by a government, company, etc.; esp.,
1. the right to use land, as for a specific purpose
2. Cdn. a government grant of land forming a subdivision of a township
3. ☆ the right or a lease to engage in a certain activity for profit on the lessor's premises: a refreshment or parking concession
4. ☆ the land, space, etc. so granted or leased

See concession in American Heritage Dictionary 4