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20 Mar
COVID-19 - 5 Practical Tips for Commercial Tenants

LinkedInPostCover4 min

With Lisa Seun, Director ACORPP


It's not just about hand washing and toilet roll, some of you may be experiencing considerable stress regarding your real estate obligations in this unprecedented time. With many of us shifting focus towards workplace management and business continuation, we’d like to highlight some lease and project related items that you should spare some consideration for in the coming months.

Obviously, a big-ticket item contributing to added stress for businesses right now, is rent. However other not so obvious items, such as notice deadlines and critical dates, may also require some consideration.

It is also important to be realistic with your expectations of others so that they may also be realistic with their expectations of you.

The best way to navigate through these uncharted waters is to simply be prepared. Know what your obligations and options are surrounding your lease.

Rental payments

  • Check your lease for rent abatement entitlements in certain conditions.
  • If you need rent relief have an open discussion with your landlord. Relief might be in the form of temporary suspension of payments, rent discount or a rent-free period. Get advice before signing anything.

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Critical dates

  • Note rent reviews and upcoming options to renew/extend.
  • Note when and how you are required to provide notices. Put it in your diary now. If you are not in a position to make a decision now, seek an extension to that notice period.
  • Be aware of any lease expiry dates within the next 6-12 months and have a 'Plan A' and 'Plan B'.

Expansion or contraction of space

  • Consider whether your space can be redesigned to better suit your operations.
  • If you need additional space, consider pop up, flexible or emergency accommodation.
  • If you need an out, check your lease for assignment and sub-lease provisions and speak to your landlord.

 

Time delays

  • Anticipate potential board or council approval delays.
  • Expect delays as a result of supply chain impacts. We have already heard of delays with furniture and lighting components. Ensure this is built into your program.
  • To minimise face to face meetings or inspections, ask if virtual tours are available or consider using a local representative that is familiar with the market or product.

Other lease conditions to look out for

  • Check your lease for 'Force Majeure' and 'Act of God' clauses for the power to break or abate the lease/rent.
  • Reassess whether the landlord or you are able to meet your respective obligations regarding 'Occupational Health and Safety', 'Building Hours', 'Access', 'Control and Safety' and 'Notices'.

If you have any concerns regarding your property related matters, as a result of the current global health emergency, or simply want peace of mind, we are here to help so please feel free to contact us.

Don’t forget

Also check out the Government website which includes Coronavirus information and support for business regarding financial assistance, eligibility and timing.

coronavirus stimulus package small business small 0

 If you know someone that might find this useful, please feel free to share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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