... at the commencement of the lease. Second, in a poor market rent‐free periods are used as incentives, in the sense that they are a direct alternative to an explicit reduction in the passing rent, and often form part of a wider package of inducements. These have an obvious and direct bearing on true rental value...

...Neil Crosby; Sandi Murdoch The treatment of rent‐free periods and other inducements is currently an area of debate within the valuation profession. It has been argued that in determining the real rental value from a headline rent, the valuer must devalue the impact of the inducement. While...