LEASE CHALLENGES DURING THE COVID-19 PANDEMIC – PART 3 Landlord Discussion Once tenants have taken the necessary steps to prepare, they should contact the landlord or engage an advisor to act as mediator. Tenants should be as transparent as possible about the state...
Prepare Insurance coverage may provide tenants with recourse during the pandemic. An insurance carrier can quickly determine grounds for a claim. However, the insurance industry took significant steps to revise policy coverage after the SARS outbreak in 2003, so...
What should tenants be doing with existing leases or renewals now? Real estate expenses are one of the largest components of cost structure in most companies today. Here are important considerations to help develop a cohesive strategy for cash preservation while...
Office tenants are asking important questions as to the impact COVID-19 virus is having on leasing office space and paying regular recurring rent. Following are six frequently asked questions: If we are sheltering in place and everyone is working from home, do I still...
Some office tenants believe that negotiating directly with the landlord will save money since they won’t have to pay a leasing commission to the tenant’s broker. This idea can cost tenants an enormous amount of money over the lease term. How? Beyond just base rent,...
What are the “triggers” for creating opportunities with tenant’s leases? Building ownership changes – This may result in delay of executing a new lease or renewal, and even change lease economics. Tenant Response: By renewing a lease, tenants obtain additional lease...
