Is it permissible for a Muslim to rent out his commercial property for double the rent he pays the owner, with the tenant's knowledge of that?

The tenant possesses the usufruct of the leased property and has the right to utilize that usufruct as they wish, as long as it does not harm the leased property. Therefore, it is permissible for him to rent out the premises for the same amount he rented it for, or more, or less.