CPI-linked rent reviews adjust rent by reference to the Consumer Prices Index where the lease expressly provides for that mechanism.
Follow the formula
Identify the relevant index series, base period, comparison period, review frequency and any rounding provisions.
Caps and collars
A lease may set minimum and maximum increases. These should be applied exactly as drafted rather than assumed from general market practice.
CPI is not market rent
Indexation measures changes in the specified index. It does not assess what the premises would command on an open-market letting.