ABSTRACT
As noted above, the UK market has, in the past, provided investors with long leases giving them substantial security of income. The commercial property crash of the early 1990s allowed tenants to negotiate leases that offered them greater flexibility, particularly in the office market. This was exhibited in two main ways: shorter leases and the inclusion of break clauses in leases. Although both have the effect of lowering the length of occupation and increasing the uncertainty for investors, the problems for valuers are slightly different and will be considered separately here.
