Yes, and we strongly recommend that expert legal advice is taken at all stages of a commercial rent review process (including on commercial agreement and drafting of terms) often in conjunction with the expertise of a specialist surveyor. Traditionally, an open market rent review, usually on an ‘upwards only’ review basis, has been provided for in commercial leases and we are experienced in negotiating technical terms of the associated lease clauses for both landlords and tenants.
There are other options, however, and rent levels could instead for example be linked to the changes in the retail prices index. There is also an increasing trend towards ‘turnover rent’ leases whereby the rent is calculated by reference to the gross turnover of the tenant at the premises, with complex legal drafting requirements. A rent review may be determined by an expert or arbitrator in the event that the parties cannot reach agreement between themselves, and we also guide clients through these processes.