British Retail Consortium director general Kevin Hawkins correctly points out that market forces are a far more potent lever on the balance of power between landlords and tenants than any code of practice could be. With a wave of new development about to break over the industry, landlords are already conceding bigger incentives to their anchor tenants, and Dr Hawkins forecasts that this in turn will filter down to secondary and tertiary pitches.

But what happens when the balance of supply and demand shifts the other way? Will this code of practice prove any more effective than its predecessors in changing attitudes? Probably not. And that's why the government has kept up the pressure with the threat of legislation if upwards-only rent reviews still remain the market's default option.

In reality, though, the government's threats are beginning to look increasingly hollow. Since the issue first appeared on the political agenda, responsibility for property matters has been passed around the Cabinet table quicker than a parcel at a five-year-olds' birthday party. Yvette Cooper might threaten legislation but it's a safe bet she won't still be holding the housing and planning brief in two or three years' time, when enough time has passed to form a judgement on the success of the voluntary approach; if indeed her party is still in a position to legislate by then, which is by no means a certainty.

But it's just possible a third force might be coming into play: the increasing awareness of corporate social responsibility in the boardrooms of the major quoted property companies. Companies that want to be seen to be good corporate citizens might also want to gain some social capital by being seen to be accommodating to occupiers. So it is just possible that shifting social trends will provide the lever that's needed.

Graham Parker, Editor

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