Attorney Elizabeth McInturff has been featured in a recent article regarding the future of office tenants in the wake of the new coronavirus published by the Washington Business Journal.
At present, partially due to federal and local protections and incentives, many commercial landlords are currently refraining from evicting companies from their buildings due to their inability to pay rent during the COVID-19 pandemic. However, if the economy takes an even harder hit, there may come a time where these good intentions run out.
Some advice for tenant/ business owners
Because of this uncertainty, Attorney McInturff advises tenants to seriously consider their options going forward, as landlords also have mortgages to pay, and are also nervous about whether they will have the means to make those payments. Therefore, tenants should seriously consider the options available in their leases, and whether they can make certain concessions to their landlords until they have the means to pay their rent, in full, once again.
Though it is not yet time to panic, it is time for tenants to try and work out temporary agreements with their landlords so they are not evicted on short notice. Furthermore, once such an agreement is reached, you must have it in writing. Doing so ensures that neither party can go back on their initial agreement, and it also gives tenants something to stand on if they day comes where they believe they are being wrongly evicted and have to speak with a judge at an eviction hearing.
If you have any additional questions about commercial real estate and the effect that COVID-19 may have on your situation, please do not hesitate to reach out to the knowledgeable business law attorneys at J.D. Katz, P.C. today. We are here to help you.
To read the article in its entirety, simply click the link below.