The COVID-19 pandemic has resulted in widespread economic disruptions, with many companies facing financial challenges and working hard to reset their businesses. If you are a corporate tenant or potential buyer of commercial office space, you should have a competent and experienced commercial real estate agent to represent your interests during and after COVID-19.  Reviewing Contracts & Special Language Whether you have an existing contract in place with your landlord or you are planning to sign renewal documents, make sure you understand the language of the contract and the likely changes of any clauses in the backdrop of COVID-19. For instance, the “Force Majeure” clause is now going to be more critical than ever because it can temporarily protect you against non-performance when an extreme event occurs. This is also a reason to have a real estate attorney on your team in addition to a tenant broker. How the applicable [...]

When looking for an office location, or negotiating a lease renewal, a real estate broker or sales associate can provide you with a very strong advantage as opposed to looking on your own. A licensed broker, or sales associate, will know what type of information a landlord will look for from a potential tenant and what incentives may be available at a particular time from a landlord/landlord’s agent in order to compete for a company’s occupancy.  A new twist - having market experience to assist you in negotiating the best possible price, a talented broker, or sales associate, working as a tenant representative can help you ask the right questions about changes to the janitorial services and operations of the building due to the COVID-19 pandemic to protect your employees and visitors.  They will help you sift through the market information on available locations and obtain the location you choose [...]

While the economic disruption caused by the COVID-19 pandemic is indiscriminate, the commercial real estate industry is one of the hardest hit. Hotels, bars and restaurants, entertainment complexes, sports venues, retail and the commercial office market are severely impacted as people and workers stay home following shelter-in-place orders and business shutdowns. Challenges for Corporate Landlords, Tenants, and Buyers At one end of the spectrum, commercial tenants are sending requests for rent relief to their landlords as they are unable to operate at full capacity from their premises or generate business cash flows. On the other end, the landlords themselves are facing challenges because they have bills to pay, and they cannot sustain too long without generating rental revenues.  From the perspective of commercial real estate buyers, sellers and investors, the market is in a state of disarray as it is hard to foresee whether the current economic decline will worsen [...]