If your rent is due a review, you would do well to seek an expert!

It’s an ill wind that blows nobody any good and certainly the steep decline in rental values of central London offices has provided many businesses with some shelter from the economic storm which has been raging through the economy over the last two years.

So with such a fall in rental values, no need then for tenants to concern themselves about their forthcoming rent reviews, it’s upward only and central London office rents are lower than five years ago. Similarly landlords’ might as well accept that there will be no increase and indeed should feel grateful that they have a tenant at all.

Not true!

Yes in some locations office rents will be lower than five years ago but on average they are significantly higher than 2004. Thus there is yet considerable scope for landlords to seek uplifts and for tenants to defend.

A sharp lookout is reviewing lease documentation at least nine months before a critical date be it rent review, lease expiry or break option. The latter can be a sunken reef for landlords and tenants. In my experience better foresight achieves better results.

As every sailor knows, riding out a storm is not simply a case of battening down the hatches and hoping for the best but rather keeping a sharp look out for dangers, changes in conditions and seeking shelter.

FindaLondonOffice are experienced in safely navigating the turbulent waters of rent reviews and spotting both hazards and opportunities.

We welcome you aboard for safe passage.

Ramsay

Rent Reviews Require an Expert

Rent reviews and lease renewals are infrequent occurrences but hold considerable importance for both landlords seeking to maximise their income and tenants seeking to lower their overheads.

As a tenant, professional representation is the only way to assure this objective is met. Although a range of firms offer rent review services, the bottom line is that to secure the edge required to win better terms, a specialist is an absolute requirement. Experience in the field is key, as is a high level of expertise in Landlord and Tenant law.

An expert also requires a strong understanding of office rental values, of course having access to a transaction database is something we consider to be fundamentally critical during the rent rent review process.

Disputes
Disputes are often referred to arbitration and experience in the conduct of these proceedings is paramount.
As London office market experts, we have access to leading rent review experts that meet these demanding requirements. In addition, we ensure that our experts are well versed in rent review and lease renewals in London, as having area specific knowledge is greatly beneficial, and of course, the London office market is where the stakes are generally higher for both landlord and tenant.

Introducing our Expert
Ramsay Mason is a Fellow of The Royal Institution of Chartered Surveyors and is our senior professional consultant, specialising in landlord & tenant advice including rent reviews, lease renewals and arbitration upon a range of property including offices, shops and industrial premises.

In recent years he has dealt with a number of important rent reviews in the central London area. He is one of the leading experts upon the valuation and appraisal of commercial property including complex development appraisal and property investment advice.

Ramsay Mason has kindly agreed to guest post on our blog so keep an eye out for his posts to come in the near future.