The twin pillars of English commercial leases are under threat. The Government dislikes upwards-only rent reviews and leases are getting shorter. The Commercial Lease Code, introduced last year, is heralded as a key driver for change. But how influential is it in the life cycle of the commercial rent review?
Landlords have the ownership of rent reviews. Rent review clauses place the initiative with the landlord in most cases. In business terms, reviews are generally initiated by landlords, rather than tenants, who may be focused on their core business rather than a property issue in which they have no in-house competence.
