REA Seamus Carthy provide an extensive range of professional services including valuations, rent reviews, lease renewals and commercial rates. Their professional services department is extremely strong, provides expert advice and is very busy at the moment.
Aishleen O’Toole of REA Seamus Carthy advised that currently she has a number of enquiries from both landlords and tenants in relation to the rent they currently pay.
Aishleen further explained that if you occupy a retail, industrial or office property and have a commercial lease your property will more than likely have a rent review every five years. The purpose of this rent review is to protect the value of the landlord’s asset and also to reflect the changing value of the property for the term of the lease.
Historically, these rent reviews were upwards only which means that the rent could never go below what was currently being paid at the time of the rent review. However, legislation changed in 2010 when the recession hit. Any lease entered into after 2010 can now be reviewed on an upwards and downwards rent review basis which is of benefit to tenants.
In the last few years rent reviews have been a quiet element of the business as landlords were just happy to have their property occupied as opposed to waiting for a higher rent, however, this has changed and rent reviews are now returning as a core element of our business.