Commercial Leases After the Rent-Law Repeal: How Free Contracts Are Negotiated in 2026

The map changed, but not for everyone at once. Since DNU 70/2023 was issued, Argentina’s commercial leasing market stopped being governed by Rent Law 27.551 and moved to a near-total freedom-of-contract regime: term, currency, adjustment frequency and guarantees are all left to agreement between landlord and tenant. But that freedom coexists with a considerable share of contracts signed before the repeal that remain bound by the old rules until they expire, because the regulatory change is not retroactive. For anyone negotiating a commercial unit in 2026 — whether renewing or signing for the first time — understanding which regime a specific contract falls under is the first step before discussing a single number.

The starting point: what DNU 70/2023 repealed, and what it didn’t

Decree of Necessity and Urgency 70/2023, issued at the start of Javier Milei’s administration, repealed Rent Law 27.551, which since 2020 had regulated minimum terms, payment currency, the adjustment index and other conditions for both residential and commercial leases. The repeal returned the Civil and Commercial Code to its role as the general framework for lease agreements, which in practice means a broader freedom-of-contract regime: parties can set term, currency, adjustment frequency and guarantees without the specific restrictions the repealed law imposed.

What the decree did not do — and this is the point that causes the most confusion in the market — was apply that repeal retroactively. Contracts signed and in force under Law 27.551 at the time of the repeal remain governed by that law until they expire, including their semi-annual or annual adjustment rules, mandatory national-currency payment, and minimum term. Only new contracts, signed after the decree took effect, are negotiated under the full freedom-of-contract regime.

Pre-December-2023 contracts: the retroactivity trap

This is the most common mistake seen in practice: landlords or tenants who assume that, because the law was repealed, they can unilaterally renegotiate the terms of an older contract before it expires. That’s not how it works. A commercial contract signed in 2022 or 2023 under Law 27.551 continues to bind the parties on its original terms — including the annual or semi-annual adjustment agreed under that law — until the contractual expiry date. Any modification before that date requires the express agreement of both parties, not an imposition based on the new legal framework.

The practical consequence is that, through 2026 and probably into 2027 or 2028, Argentina’s commercial leasing market runs on two regimes in parallel: older contracts with slower adjustment and mandatory national-currency pricing, and new contracts with quarterly CPI-linked adjustment and free denomination in USD or UVA. A tenant whose older contract is about to expire and who renews in 2026 will, in practice, experience a significant jump in adjustment terms — not because the market suddenly repriced overnight, but because the contract moves from one regime to the other.

How a free contract is structured in 2026: term, currency, adjustment

A commercial lease negotiated under the current regime typically defines four core elements without the previous legal restrictions. Term no longer has a specific legal minimum for commercial premises — the market tends to converge on three to five years for mid-sized units and up to ten years for large-format anchors — and is negotiated based on each party’s relative leverage and the fit-out investment the tenant needs to amortise.

Payment currency is fully negotiable: pesos, US dollars or UVA, without the mandatory national-currency requirement the repealed law imposed. In 2026 practice, high-end premises and international chains tend to prefer USD or UVA-denominated contracts as an inflation hedge, while smaller units and neighbourhood retail still operate mostly in pesos with CPI-linked adjustment.

Price adjustment — the most sensitive point of negotiation — is likewise freely agreed. The dominant scheme in 2026 is quarterly CPI-linked adjustment, which in market practice has replaced the annual or semi-annual indices under the repealed law, reflecting landlords’ preference for more frequent adjustment in a context of inflation that remains relevant, though down from the 2023-2024 peaks.

CPI-linked adjustment: frequency and clauses worth negotiating

The quarterly CPI-adjustment clause has become the market standard, but it isn’t the only variable to negotiate within that scheme. It’s worth explicitly defining: which CPI index is used as the reference — INDEC’s national index is standard practice —, the exact cut-off date for each quarter, and whether there’s any cap or floor on the adjustment in the event of one-off inflationary shocks. It’s also advisable to agree on what happens if the reference index stops being published or changes methodology — a protective clause many 2026 contracts still omit, and one that can trigger disputes if the macroeconomic context shifts during the life of the contract.

For UVA-denominated contracts, the logic is different: the adjustment automatically follows the evolution of the purchasing-power unit published by the Central Bank, which removes the need for a periodic adjustment clause but introduces the volatility inherent to that index, itself tied to inflation and the benchmark interest rate.

Guarantees, common charges and other friction points in negotiation

The repeal of Law 27.551 also removed the restrictions on what guarantees a landlord can require. In commercial leasing, 2026 practice shows a mix of traditional property-backed guarantees, surety bonds — increasingly used because they don’t tie up the guarantor’s real estate — and, to a lesser extent, cash deposits equivalent to several months’ rent. The choice of guarantee is often a genuine point of negotiation, especially for tenants just starting operations in the country with no local track record.

Common charges (expensas) remain a frequent source of conflict when not precisely defined from the outset. The functional distinction between ordinary charges — cleaning, security, routine maintenance — borne by the tenant, and extraordinary charges — structural works, façade renovation, common-infrastructure upgrades — borne by the landlord, is the most widespread market convention, but it isn’t automatic: if the contract doesn’t specify it, the interpretation can end up in a judicial or arbitral claim, something both parties would rather avoid given the cost and time involved.

Frequently asked questions about commercial leases in 2026

Does the repeal of the Rent Law apply to contracts signed before 2024? No. The repeal under DNU 70/2023 is not retroactive. Commercial contracts signed while Law 27.551 was in force continue to be governed by that law until they expire; only new contracts, signed after the repeal, are negotiated under the freedom-of-contract regime.

What currency can a commercial lease be denominated in during 2026? Freely. Under free contracts, the parties can set the price in pesos, US dollars or indexed to UVA, without the national-currency requirement Law 27.551 imposed. In 2026 commercial practice, all three schemes coexist, with USD or UVA preferred for high-end premises.

How often can rent be adjusted? Adjustment frequency is left entirely to the parties’ agreement. The most common scheme in 2026 commercial contracts is quarterly CPI-linked adjustment, though monthly and semi-annual clauses also appear, along with UVA-linked adjustment for contracts denominated in that unit.

What guarantees can a landlord require in a commercial contract? The landlord can require whatever guarantee is negotiated with the tenant: a property-backed guarantee, a surety bond, a bank guarantee, or a cash deposit. The restrictions Law 27.551 placed on residential leases don’t apply to commercial leases under free contracts.

Who pays extraordinary common charges in a commercial unit? It’s a matter of free negotiation. The most common practice distinguishes ordinary charges, borne by the tenant, from extraordinary charges tied to structural building improvements, usually borne by the landlord unless the contract states otherwise.

Does ARCA get involved in commercial lease contracts? ARCA (formerly AFIP) does not validate or approve the content of the contract, but it does intervene on the tax side: registering the contract for tax purposes, applicable withholdings, and the landlord’s declaration of rental income. Skipping the tax registration can create tax exposure independent of the agreement’s civil validity.

Conclusions

Argentina’s commercial leasing market in 2026 operates under a near-total freedom-of-contract regime following the repeal of Law 27.551 by DNU 70/2023, but that freedom doesn’t erase existing contracts: whoever signed before the repeal remains bound by the old rules until expiry, with no retroactive effect. For new contracts, negotiation now turns on four axes — term, currency, CPI or UVA-linked adjustment frequency, and guarantees — without the legal floors and ceilings that existed until 2023. ARCA retains its tax role over the contract even though the previous civil regulation no longer exists. For landlords and tenants, the practical takeaway is simple but unavoidable: every clause the law used to define now has to be defined by the contract itself, precisely, because the gap is no longer filled by statute.

This article is for general information only and does not constitute legal, tax or financial advice. The rules and rates described were reviewed as of July 9, 2026 and are subject to change; for drafting or negotiating a specific commercial lease, consult a lawyer licensed in Argentina who specialises in leasing.