New online database 'to bring transparency' to commercial leases
A NEW commercial lease index has been launched, which will for the first time reveal the costs of leases.
It will reveal the cost of every commercial lease signed since 2010, when the government started collecting this data.
Businesses around the country are welcoming the launch of a new index of commercial leases, though cowboy landlords will be less than pleased.
For the first time, tenants will be able to check how competitive their lease rates are in comparison to peers. Companies searching for new properties will be able to easily identify which parts of the country offer the most competitive prices, or whether the quotes they are being given by landlords are in line with the rest of the market.
“It will be of huge benefit to both tenants and landlords” said Dr Peter Stafford, director of industry body Property Industry Ireland. “Transparency is the bedrock of a sound and informed investment market.”
The retail sector, which has been highly vocal about the damaging effect of high rents, were particularly pleased with the news.
"Retailers up to now have had to negotiate leases without the full facts. With the information contained in the database, retailers will have a better idea of the market and can negotiate accordingly” said Retail Ireland director Stephen Lynam.
"Shop owners all over the country are suffering due to rising costs and falling sales. Since the end of the boom, total sales are down 25pc while costs, including rents, remain stubbornly high. Today's news will at least bring transparency to what was a murky situation" he added.
Those interested can access the database here.