Hard to believe that anything good has resulted from the global pandemic… but maybe there is one silver lining. In the world of Commercial Real Estate, owners and tenants have always had a symbiotic relationship, primarily based on a legal arrangement, but with the new rules established due to Covid-19, that relationship had to evolve. Landlords are having regular interactions with tenants, sharing business updates, and solving problems.
“In this unique situation there wasn’t really any other option. If you want your investment and/or business to be successful, you must learn to work together,” said Matt Price, Principal at 1045. “As the government added and changed restrictions, those tenants that were considered nonessential had to reexamine everything, and the landlord is a huge part of that. We had many candid conversations, and for the most part, if not always, it created a much better relationship between manager and tenant.”
As landlords grew to understand each tenant’s situation more clearly, it made it much easier to establish new operating procedures; such as drive-up, curbside pick-up, outdoor selling or serving, and establishing space for customers to wait in line outside to meet the capacity limitations. Landlords and tenants solved these problems together, and that is a good thing.
