Upwards-only rent reviews: The impact of legislative change
Upwards-only rent reviews (UORRs) have long been a defining feature of commercial leasing in England and Wales, particularly beloved by institutional landlords. Under such clauses, almost universally adopted in commercial leases, rent is reviewed at agreed intervals but may only increase or remain static, even where open market rental values have fallen. While this mechanism has historically underpinned investment confidence, it has also attracted criticism from occupiers and policymakers.
