Lease regear
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A lease regear is a relatively recent term used to describe the renegotiation of a lease during the
term. Often linked to another lease event, for example a break option or rent review, but also
applies to early renewal, when the parties renegotiate during the contractual term. Lease regears
are most often linked to an extension of the tenant’s commitment to the premises, either by
extension of term length or removal of a break option, in exchange for a re-basing of the rent to
current open market value and/or incentives e.g. a rent free period.