Commercial Lease Price Increase

[Cameron Litton]

I am managing a commercial lot with a lease coming to term next year. How does one go about determining the price increase? The lot is being rented to a large corporate entity and I am sure they will want an explanation for the price increase. Obviously we can change it to whatever price we like but I am curious if other commercial land lords use some sort of "Cost of Living" equation. I am very new at this so just trying to get some more experienced perspectives!