Current market conditions in the UK and even more so in Ireland have exposed many occupiers to the downside of upwards only rent reviews (UORR). Most leases due for a rent review in 2012 on upward only terms are being reviewed with a previous rent agreed during the peak of the market in 2007. Concludes that UORRs still have an important role providing the investor with a guarantee that the income level will not fall, and the tenant with a much greater degree of protection to over-renting than RPI inflation linked leases when rental values are in decline.

Executive summary -- introduction -- the case for and against upwards only -- the Irish example -- outlook for inflation -- sector performance -- conclusion.