24 July 2023
Are You Keeping Pace with the Current Commercial Market?
These are challenging times, with business and operational costs increasing beyond all previous expectations. It is vitally important to ensure commercial rental incomes are keeping pace with the current market and Howie Kent and Co are here to help.
We offer a Rent Review Service for landlords seeking to review their rental income lease arrangements on commercial property.
The commercial property market can move significantly within a short space of time and with lease arrangements generally lasting for years, it is very easy for commercial rents to no longer reflect the actual current market. It’s very common for individual lease arrangements or entire estate commercial properties to become out of step with prevailing market conditions.
To provide landlords with independent verification of their commercial property rental values and act as an independent resource to renegotiate new rents and lease agreements with tenants.
Rent reviews can be very contentious issues with tenants rarely welcoming an increase in their overheads. At Howie Kent & Co we recognise the problems associated with negotiating the difficult path to agreeing an alteration in rent, from the perspective of both the landlord and tenant.
OUR RENT REVIEW SERVICE IS UNIQUE
We would not advocate the idea of simply notifying a tenant of changes in their rent or lease agreements by an email or letter. We always take a pragmatic approach and always prefer to meet in person with tenants to advise them of the rental changes and, most importantly, explain to them in person why the rent is changing and the reason for the current market valuation.
As an independent review service we can offer both the landlord and the tenant assurance that what is negotiated is fair and reasonable, without prejudice, and in line with the prevailing market conditions.
We have found that the personal approach and working directly with tenants and landlords provides the best possible outcome for all parties. If approached sensibly and professionally the rent review process does not have to be a contentious issue and we pride ourselves on making that happen for our clients.