The Changing Pattern of Commercial Lease Terms: Evidence from Birmingham, London, Manchester and Belfast

M Hamilton, LC Lim, WJ McCluskey

Research output: Contribution to journalArticle

7 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)31-46
JournalProperty Management
Volume24
Issue number1
DOIs
Publication statusPublished - Jan 2006

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Keywords

  • Property
  • Leasing
  • Office buildings
  • Rents
  • United Kingdom

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