Provided by: Jennifer Kirschenbaum, Esq.
December 10, 2020
Question:
Hi Jennifer,
Are you seeing better deals now being offered by Landlords? I am starting to look for new space. I will be sending over the lease when I get it.
Thank you,
Dr. L
Answer
Landlords, in general, are wired to weather hard times, understanding their tenant relationship is long term, which is why I have not seen notable flexibility in many terms, provided, rents seem to have slid a bit depending on geography. Where I am also seeing some slim movement is on obligations during a shutdown - which in some instances can be negotiated, as can potential default timelines in the lease.
It is important to request key terms early in the process. If a letter of intent is being negotiated prior to a complete lease presented, be sure to send the terms over. If we wait to negotiate key terms, we will lose leverage.
It is important to request key terms early in the process. If a letter of intent is being negotiated prior to a complete lease presented, be sure to send the terms over. If we wait to negotiate key terms, we will lose leverage.