The coronavirus has created many unforeseen effects on the Florida real estate market. Some landlords are unable to evict tenants. Foreclosures have been temporarily halted, but experts are concerned about what will happen when the backlog of foreclosed properties hits the market all at once. Some local real estate markets have been severely impacted by the pandemic. Others have seen little or no change whatsoever. But with all the talk surrounding residential evictions and foreclosures, commercial properties have been frequently overlooked. The fact is that commercial landlords have also been impacted byCOVID-19. Now, some are having trouble securing tenants at all.
The Concessions Commercial Landlords Are Making to Attract Tenants
According to The Real Deal , commercial landlords in Florida are offering concessions that were “unthinkable” before the pandemic. Shorter leases are being offered for only one or two years. (Prior to the pandemic, commercial leases shorter than three years were rare.) Landlords are offering funds to improve tenant spaces and generous rate abatements. All of these measures are designed to help landlords attract tenants without reducing rent. Many landlords fear that, once rents are reduced, it will be difficult to bring them back up to fair market values after the pandemic has passed.
So how else can commercial landlords protect their property rights and financial interests? It is important for all landlords to have a good working relationship with an experienced Florida real estate attorney. This allows you to get quick answers on pressing legal issues in order to resolve disputes before they blow up into costly legal battles.
Learn How Our Florida Evictions Lawyers Can Help
The experienced Casselberry and Oviedo real estate lawyers at Quattrocchi and Torres assist commercial landlords with all types of legal issues. Call 407.452.4918 to schedule your free consultation.