Office Rent Review in Ireland
Typically every 5 years, most long-term leases include a provision for rent review.
Commercial Office/Industrial Rent Reviews in Ireland can be a complex process. In theory, the determination of the revised rent at review relies on the contents of the rent review clause in the lease together with referencing relevant comparable evidence.
However, there are technical elements that tend to complicate matters, such as:
- Specific wording and ambiguity that can exist within the Lease & Rent Review Clause
- Age & Condition of the property/space being reviewed
- Market Conditions at the time of the Rent Review
- Relevant Case Law (if there is ambiguity within the wording of the Rent Review Clause)
Therefore, it is essential to have independent professional advice from experienced office Rent Review specialists.
At Murphy Mulhall, our expertise in the Office & Industrial Markets is well-known. As we are active in transactions in both of these asset classes on a daily basis, we have a unique advantage when we other traditional Rent Review Surveyors (whose main focus is not letting or acquiring space).
This is particularly helpful if Rent Reviews cannot be settled via negotiations and must be referred to Third Party Determination (Arbitration/Independent Expert).
If you would like to discuss your Office or Industrial Rent Review requirements in Ireland, please Contact Us.