Finding & securing premises can be a long and complicated process. There are numerous potential problems and pitfalls ready to trap the ill-advised in the commercial property sector. Securing premises that are inappropriate for your business could be catastrophic before you're even opened for business and the right premises in the right location can be a blessing.
Factors such as inflation and fluctuations of the real estate market lead to changes in rent prices, usually upward only, which is why the landlord and the tenant have to meet at a mutually agreed upon date to renegotiate rent.
Lease renewal can be a delicate process because, unlike in the case of rent review, the tenant is not legally obliged to stay in the same place and they may choose different premises.