Landlords and Tenants: Changes in the COVID-19 Era

Leases are formal, legal documents typically created as the result of negotiations between two parties, the landlord and the tenant.  Both parties have sought to maximize their interests, including cost.  But what happens when their interests change suddenly due to external events out of their control?  What will either party seek to amend in current leases, or focus on differently in future leases?

In addition to lease cost, what other issues arise that are now different thanks to a new set of assumptions forced on both parties?

• Will there be fewer workers or visitors occupying the same amount of space?  If so, is there a logical basis for adjusting the rent?
• What physical changes will need to be made to the internal space to make it safe for employees and visitors?
• What changes will need to be made to maintenance, cleaning or operating schedules?
• External to the space, will truck, auto or personnel access need to be changed to reflect new work patterns or provide for safety?

We will set the stage of current trends in light of COVID, and hear from landlord and tenant representatives, as NAIOP brings you the first in a series on strategic issues facing the commercial real estate industry in the wake of COVID-19.

Speakers

Moderator:

David Browning, Managing Director, Northeast Ohio Market Leader, CBRE

Tenant representative:

Michael Cantor, Managing Director, Principal, Allegro Real Estate Brokers & Advisors

Owner representative:

Neil Viny, President and Principal Owner, Dalad Group