Property: A fine line to walk
Lawyers should be getting more involved in upward-only rent reviews, for their own sakes and their clients'. Christopher Hunt reports
It seems odd that, during a period in which supply of office space exceeds demand, the Government is talking about enacting legislation to deter or outlaw the use of upward-only rent review clauses in commercial leases (UORRs). Institutional landlords maintain that the market will correct itself, pointing to their own experiences. In the current market, if UORRs are so unfair, why is it that more commercial tenants do not insist on their deletion?
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