Where the passing rent is below current market rent, giving reversionary upside when the rent can next be increased.
Related terms
- Upward-only rent review
A review clause under which rent can rise to market level but never fall below the current passing rent; common in institutional leases and favourable to landl…
- Vacancy rate
The share of available space that is unlet, the inverse of occupancy.
- Void
A period during which a property is vacant and producing no rent.
- WAULT
Weighted Average Unexpired Lease Term - the average time remaining on a portfolio leases.
- Yield up
The tenant's obligation to hand back the premises at lease end in the condition required by the lease, with vacant possession.
- Anchor tenant
A large, prominent tenant that draws footfall or credibility to a scheme.
- Break clause
A right allowing landlord or tenant to end a lease early on defined terms.
- Common area maintenance (CAM)
Charges recovered from tenants for maintaining shared areas of a building or scheme, such as lobbies, lifts, parking, and landscaping; the retail and commercia…