How I Help: Commercial Leases - Renegotiating the Terms
Updated: Jul 26, 2021
Last month I helped my client get a 2 months’ rent abatement, reduce rent by 50% for another 2 months, plus defer it until next year.
As we all know, commercial real estate is in the midst of a great transformation as a result of COVID. Many retail and office tenants are closing permanently, while others are shifting or rethinking their future space needs. Whereas lease renewal time is always a good time to renegotiate a lease, that’s never been truer than right now.
A commercial lease is likely to be one of the longest, most complex and one-sided contracts a business owner will ever see. In today’s market, leases are more negotiable than ever.
Smart business owners usually hire the right experts to help. These experts typically include a commercial real estate agent and a business attorney like me.
The agent can help find the best space and negotiate financial perks and savings up front; I help reduce risk and save money down the road.
A retail lease is typically 50+ pages long and just reading it can induce a huge headache. Did you ever see this epidemic coming when you originally signed your commercial lease? You've got big problems to worry about right now, and a respite from rent just might help save your business.