Despite Slump, Commercial Rental Rates Soar in Ireland

Despite huge media attention on Upward-Only Rent Reviews (UORR) clauses in leases, big corporate retailers, such as Homebase and HMV, are continuing to exit the market of Ireland blaming rising commercial rents for their decision to pull out. B&Q and Pamela Scott are another two multinationals that almost left the country because of escalating rent caused by antiquated UORR lease clauses – yet another hangover from the years of the Celtic Tiger. Clearly, the high rents imposed by the terms of these leases are affecting earnings both for the companies and for investors. A legacy still to be undone in…