Landlords have several options to keep current tenants intact or reduce the financial ramifications if the tenant needs to step back from its current office footprint.
As we navigate through choppy and sometimes uncharted waters during the coronavirus pandemic, commercial tenants and landlords are experiencing their own challenges. Many businesses are subject to governmental shutdown orders or restrictions on their ability to operate in the manner that was their normal before the pandemic. Some commercial tenants and landlords may be experiencing financial difficulties which impact their ability to pay rent or mortgage payments, respectively. Below are some issues that tenants and landlords should be considering in the current economic climate. It must be noted that although specific options might vary across states/jurisdictions, these common themes should be considered.