Definition of Market Rents:

During a survey for the IPF Report on Turnover-based leases, valuers were frank about the difficulty of estimating the Market Rent and net-effective Market Rent in current market conditions.  Despite this, the standard cash flow assumption remained a reversion to Market Rent at the next break or lease expiry. Only when this dislocation is resolved can valuation uncertainty around shopping centres be lifted.

The full version (IPF Members only) and summary version of the IPF Report: Turnover-based leases, the issues, drivers and challenges, a survey of best practice can be found https://www.ipf.org.uk/resourceLibrary/turnover-based-leases-survey-of-current-practice–november-2021–at-a-glance.html