The changing pattern of commercial lease terms Evidence from Birmingham, London, Manchester and Belfast

The changing pattern of commercial lease terms Evidence from Birmingham, London, Manchester and... Purpose – This paper aims to contribute to the theory, practice and development trends in relation to commercial property leases. Design/methodology/approach – The paper utilises three key methodological approaches to the research, namely, case studies, desktop literature review and questionnaire survey analysis. This approach enables the in‐depth analysis of both primary and secondary data in relation to the wider commercial property leasing market. Findings – The main findings from an analysis of the case study cities demonstrate clearly that office tenants are requiring shorter lease terms, more tenant break options and rent reviews to market value. Research limitations/implications – The paper relates to the development of commercial property leases. While the research inferences are drawn from four major cities they would nonetheless represent a similar pattern from across the UK. Practical implications – The findings of this paper should be of practical benefit to those involved in the drafting of commercial leases and in particular the management and leasing of commercial property. Originality/value – This paper presents the results of original empirical research utilising data drawn from several authoritative sources. The value of the work lies in the lease patterns that have been discovered through the case studies analysis. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Property Management Emerald Publishing

The changing pattern of commercial lease terms Evidence from Birmingham, London, Manchester and Belfast

Property Management, Volume 24 (1): 16 – Jan 1, 2006

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Publisher
Emerald Publishing
Copyright
Copyright © 2006 Emerald Group Publishing Limited. All rights reserved.
ISSN
0263-7472
DOI
10.1108/02637470610643100
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper aims to contribute to the theory, practice and development trends in relation to commercial property leases. Design/methodology/approach – The paper utilises three key methodological approaches to the research, namely, case studies, desktop literature review and questionnaire survey analysis. This approach enables the in‐depth analysis of both primary and secondary data in relation to the wider commercial property leasing market. Findings – The main findings from an analysis of the case study cities demonstrate clearly that office tenants are requiring shorter lease terms, more tenant break options and rent reviews to market value. Research limitations/implications – The paper relates to the development of commercial property leases. While the research inferences are drawn from four major cities they would nonetheless represent a similar pattern from across the UK. Practical implications – The findings of this paper should be of practical benefit to those involved in the drafting of commercial leases and in particular the management and leasing of commercial property. Originality/value – This paper presents the results of original empirical research utilising data drawn from several authoritative sources. The value of the work lies in the lease patterns that have been discovered through the case studies analysis.

Journal

Property ManagementEmerald Publishing

Published: Jan 1, 2006

Keywords: Property; Leasing; Office buildings; Rents; United Kingdom

References

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