Certain members of the British Property Federation (BPF) have issued a declaration of their intention not to grant new occupational leases that contain a provision requiring sublettings to be at the higher of the passing or reserved rent and the market rent. They also intend to waive requirements in existing leases that sublettings be at the higher of the passing or reserved rent and the market rent save in exceptional circumstances.

It is hoped that this will become standard policy for the commercial property industry and the BPF members are calling on other owners and investors to follow suit.