From Brad Umansky, Progressive Real Estate Partners, Retail Brokers Network Member: Inland SoCal
It seems that the hottest topic of conversation over the past few days is what to do when a tenant’s business is adversely affected by “the virus”. Based upon conversations with landlords, tenants and property managers there is no doubt that many tenants and landlords are already thinking about how to handle the April 1st rent payment. Since we work with both, I’m writing this blog from both perspectives. Please note that whether you are a tenant or landlord, I encourage you to read the entire blog as there are overlapping ideas in each section.
It is important to recognize that we are in an interdependent economy and that there are many very financially stable tenants as well as some that are struggling and, for those in particular, this crisis will exacerbate the situation. At the same time there are many well capitalized landlords with the financial capacity to make concessions to help a tenant’s business when warranted, but there may also be less capitalized landlords who are in a similar situation as a struggling tenant.