Rent reviews can have a significant impact on both occupational costs and investment value, making specialist advice and a detailed understanding of the relevant property market essential.

As a firm of RICS Regulated Chartered Surveyors, we advise landlords and tenants on commercial rent reviews across industrial, logistics, warehouse and office property, from individual units and multi-let industrial estates through to major distribution facilities, specialist industrial sites and headquarter office buildings.

Our approach combines detailed analysis of the lease with a thorough understanding of the relevant occupational market. We consider not simply the headline comparable evidence, but the factors that determine how that evidence should properly be applied to the property under review.

This can include building specification, size, location, site coverage, yard provision, eaves height, loading, power, lease terms, incentives.  Our advice will involve a detailed examination of the lease and relevant documentation taking account of the particular assumptions and disregards contained within the rent review provisions and lease generally.

Where agreement cannot be reached through negotiation, we have extensive experience of preparing and presenting cases for determination by Independent Expert or Arbitrator, as well as acting as Expert Witness in commercial property and valuation disputes.

We represent both landlords and tenants in commercial lease renewals, providing strategic advice from the earliest stages of the renewal process through to completion.

Our work includes advice on:

• Market rent
• Lease length and structure
• Break options
• Rent review provisions
• Rent-free periods and incentives
• Repair and other occupational terms
• Section 25 Notices and Section 26 Requests
• PACT and third-party determination
• Court proceedings and Expert Witness evidence

Our combination of valuation expertise, market knowledge and negotiation experience allows us to advise clients on both the rental and wider commercial implications of a proposed lease renewal.

Early involvement (ideally up to 12 months prior to lease expiry) also allows us to develop a clear negotiation strategy before positions become entrenched, helping landlords protect asset value and occupiers manage and forecast their potential future property costs.

Industrial and logistics property is not a single homogeneous market.

The factors influencing the rental value of a unit on a multi-let industrial estate can be very different from those affecting a mid-box warehouse, big-box logistics facility, urban logistics unit an or Industrial Open Storage site.

Our team has extensive experience across these different property types and understands how factors including building specification, scale, site configuration, yard depth, site coverage, power, accessibility, location and occupational demand affect rental value.

We advise on everything from individual units and multi-let industrial estates through to major logistics and distribution facilities, providing clients with specialist lease advisory advice grounded in the market in which their property actually operates.

Our Lease Advisory team works closely with Glenny’s Industrial & Logistics Agency, Investment and Research teams, giving us direct access to occupational market intelligence, transactional evidence and changing rental trends across our core markets.

The continued growth of the Industrial Open Storage (IOS) market has created an increasingly specialist area of commercial property valuation and lease advisory.

We advise landlords and occupiers of:

• Industrial Open Storage sites
• Open storage land and yards
• Vehicle and commercial compounds
• Waste transfer stations
• Recycling facilities
• Transport and operational depots
• Aggregates facilities

These properties frequently require a more detailed valuation analysis than conventional warehouse accommodation, particularly where comparable evidence is limited or sites differ significantly in terms of surfacing, services, planning use, accessibility, configuration, site coverage and operational capability.

Our specialist industrial market knowledge enables us to analyse these differences and provide clear, evidence-based advice for rent reviews, lease renewals and lease restructuring.

Where a commercial rent review or lease renewal cannot be resolved through negotiation, Glenny has significant experience in commercial property dispute resolution and third-party proceedings.

Barry Munday MRICS and Paul Aylott MRICS are members of the RICS President’s Panel of Independent Experts, accepting appointments in commercial property disputes.

Paul has also completed the RICS Diploma in Arbitration and is a Member of the Chartered Institute of Arbitrators, providing additional specialist expertise in arbitration and third-party dispute resolution.

Our experience of acting both for the parties to disputes and as independent third-party decision makers provides a valuable perspective on how comparable evidence, valuation arguments, lease provisions and technical submissions are likely to be considered once a matter progresses beyond negotiation.

We represent landlords and tenants in Independent Expert and Arbitration proceedings, acting as Expert Witness in preparing detailed submissions, counter-submissions and supporting valuation evidence, to achieve the best available outcome for our clients.

We advise institutional investors, property companies, funds, corporate and private landlords on the proactive management of commercial lease events.

Our work includes:

• Rent reviews
• Lease renewals
• Lease restructuring
• Break options
• Third-party dispute resolution
• Portfolio and estate lease advisory strategies

For owners of multi-let industrial estates and industrial and logistics portfolios, we provide strategic advice across an entire estate or portfolio, helping to establish and maintain an appropriate and defensible rental tone.

Our objective is not simply to negotiate individual lease events but to understand their wider impact upon rental growth, income and long-term asset and investment value.

For tenants and corporate occupiers, rent reviews and lease renewals can have a significant impact on future occupational costs.

We advise corporate businesses, national and regional operators and private companies on rent reviews, lease renewals and lease restructuring, helping clients manage property costs and secure lease terms that support their operational requirements.

Our experience acting for both landlords and tenants gives us an understanding of the commercial and valuation considerations influencing each side of a negotiation, enabling us to identify the key issues and establish an effective strategy from the outset.

It is our experience that tenants seek a clear understanding of future liabilities and expect to address those occasions where landlords may seek rents in advance of expectations robustly.

We have secured strong results by using the third party process where required.