A lease regear is a recent term used to describe the renegotiation of a lease during the term. It is often linked to another lease event e.g a break option, but it also applies to early renewal, where the parties renegotiate during the contractual term. Lease regears are often linked to an extension of the tenant’s commitment to the premises, by either an extension of term length or removal of a break option, in exchange for a rebasing of the rent to current open market value and/or incentives.

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