Monday, 11 May 2020 News
lease renewal in a pandemic
I have various clients who have lease renewals and rent reviews in Northern Ireland at the moment.
Some are historic from 2019 and some are coming up within what is the pandemic Covid-19 period.
It is amazing the views that different people are taking at this time, thinking that the past in any way will mirror the future in this new trading style of physical distance retailing and business.
When reviewing evidence it will be interesting to see what people decide to agree going forward for fixed rentals in leases.
I would offer that a rent based on a historic rent risks placing the business under further pressure that could lead to a vacancy for the landlord, so the questions is do you plan for the future now and agree a manageable figure for both going forward, for an agreed period of time, due to the enforced trading styles that will develop in the coming months and years.
While we all have to negotiate the best terms for our clients, they also have to be realistic and sustainable also.
What was suitable up to the first quarter of 2020 is not suitable now......the future will unfold hopefully with limited casualties and deaths.