Yes. Leases over five years normally include provisions to review (change) the rent at specified intervals during the term. These lease provisions are called ‘rent review’ provisions. Rent reviews are commonly negotiated between the landlord and the tenant by referring to the rents achieved in the open market.
Commercial leases in England and Wales have traditionally provided for ‘upwards only’ reviews, where the new rent negotiated cannot fall below the rent the tenant was paying before the rent review, even if market rents have fallen.
The Code for Leasing Business Premises has encouraged alternative forms of rent review mechanisms and it is becoming more common for rents to be reviewed in line with specified indices such as the Retail Prices Index (RPI).