Rent Abatement - Making the best of a bad situation
Zoom in with: Peter Willmott, CPM
What is the new business normal? Many businesses, have yet to return to their offices with working at home, either full time or most of the time becoming the norm. While manufacturing and other sectors returned to a physical workplace, for many sectors where the physical location of their employees allowed flexibility, they adapted to either a work at home or modified schedule.
While the challenges of the pandemic have been thrust upon property managers for months, there will be more challenges to come as lease agreements come up for renewal. There has been pressure put on landlords to renegotiate lease agreements to help prop up businesses in order to maintain tenants and this will continue for months to come as lease renewals come due.
Peter Willmott experienced the last recession and recognizes many of the issues that landlords and property management teams are faced with today. Peter discusses measures that can be taken and issues that need to be addressed as property managers deal with tenants and the issue of rent abatements.