This is a process by which the rent payable on a commercial property is reassessed and perhaps changed - increased or decreased - to fit in with the existing market conditions. It typically happens every three to five years, but the lease will specify the timings.
A landlord and tenant should try to agree the new rent, with the help of their own surveyor. If no agreement is reached, it will be for a third party to set the rent. It is a process that we often guide clients â€â€œ both landlords and tenants - through.