As trends in office space and locations shift on a large scale, tenants are seeking ways to circumvent existing leases. The demand for rent concessions grows as tenants consider their options in the face of losses and even bankruptcy. This tenant distress puts a strain on landlords. Whether strict in their terms or accommodating of tenants’ needs, landlords should be well-versed in their protections under the law. Meanwhile, shortfalls in rent payments and obstacles with reopening guidelines pose landlords with struggles of their own.
What can landlords and tenants alike do in the face of these obstacles as the pandemic and economic downturn continue? What trends and innovations can be adopted to help businesses succeed in the face of distress? What is predicted to come next?
Presented by William Kinney, member of Withum’s Real Estate Services Group; Donald Clarke, Bankruptcy and Restructuring Attorney at Genova Burns ; and Ken DeGraw, leader of Withum’s Financial Distress and Recovery Services Group.