Mechanism for setting renewal rent via independent appraisal.

  • Mechanism for setting renewal rent via independent appraisal.
  • If the parties cannot agree on FMR, each appoints an MAI/MRICS appraiser; if those two cannot agree, they appoint a third, and the median wins.

Appraisal clause

Legal · US, UK

Short definition

Mechanism for setting renewal rent via independent appraisal.

Full definition

If the parties cannot agree on FMR, each appoints an MAI/MRICS appraiser; if those two cannot agree, they appoint a third, and the median wins. Slow and expensive — used as a backstop, not a first resort.

Why this matters for Class A leasing

Appraisal clause is part of the legal vocabulary that institutional Class A occupiers, landlords, and advisers use across US, UK markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks regional variation alongside the global standard so cross-border occupiers can translate quickly.