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Your commercial lease could for instance state that your rent will increase at fixed amounts when your lease comes up for review. The amount of the increase should be clearly stated in your lease agreement. A commercial property solicitor should help you assess this fixed amount of rent increase to ensure it reflects the true market value of your premises. Rent increases can also be what are called indexed rents. Often called ‘upward only’ rent increases, in these cases the increase of your rent will be linked to something like the Retail Price Index. As your business has no control over metrics like the Retail Price Index, your rent could change dramatically. The upward only clause of your commercial lease agreement, as its name suggests, will only see your rent increasing. This can be an issue, as your rent would continue to increase even if other rents in the area dropped. You should look closely at this area of your commercial lease agreement to ensure your business is not locked into a lease that increases your rent to unmanageable levels. One of the most contentious areas of commercial leases is the rent review clause. If you and your landlord can’t come to an agreement about the increase in rent, your dispute could then move to arbitration. Using arbitration will result in a legally binding decision on both you and your landlord without the need to go to go court. Any arbitration your business does take part in should be fully supported by a commercial property solicitor. The help and legal advice of a commercial property solicitor should be engaged when entering into a commercial lease and also when your rent is up for review.
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