Commercial Lease Considerations & COVID-19

Updated: Apr 25, 2020

As many businesses face May 1st rent payments with incomes that have been reduced as a result of COVID-19, it is important for both tenants and their landlords to understand what options might be available to them.

Although a lease document creates a longterm relationship between a tenant and landlord, at different times each party will require the other to act reasonably, in spite of lease terms. It is important for business owners to keep in mind that landlords may also be in a difficult financial position. Landlords may be willing to negotiate with tenants on rental payment rather than face the prospect of vacancy and the loss of a quality tenant.

While each landlord/tenant relationship is unique, some area businesses have had success in reaching an agreement to defer April's rent payment for a month, in exchange for the tenant's payment of property taxes. An open dialogue may lead to a positive solution for both sides. You can read more about Commercial Lease Considerations & COVID 19 here.

Additionally, businesses may ultimately be able to seek relief via provisions contained within the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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