What’s the biggest sticking point at the moment when you’re negotiating with tenants?
Historically the discussions with new tenants focused on more the primary elements: rent, lease terms, fit out contribution, rent free periods, whereas items such as indexation were just taken for granted. But now there's a huge focus on short-term cost savings, of which indexation is being targeted. It seems to be coming from the top down in every organization. CFOs are saying ‘we've got to minimize our bottom-line costs’ and so after just a single year of high indexation . . .
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