Are you a commercial tenant struggling to pay rent and need to know your options? Attached is an article showing 5 proven ways to reduce your rent expenses during crisis events like COVID-19.
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(1) Rent Deferment
This is when a landlord allows tenant to skip paying an entire or partial amount of the rent due. Your landlord may ask for the following:
• Updated financials: P & L, Balance Sheet, etc
• Something showing financial impact from COVID-19
• Explanation letter of what will happen if the deferment does not take place
(2) Renegotiation (Blend-and-Extend)
When a landlord lowers your monthly rent by you signing a longer lease and amortizing the rent difference over the new term of the lease
(3) Substitution of Premises
When a landlord allows you to move to a different space in their portfolio that is smaller or lower priced than the current one you are occupying
If you are on a month-to-month lease or your landlord will allow you to break your lease early, you can relocate to a more affordable property
If you have excess space, you can hire a broker like myself to find you a subtenant to rent a portion of your space. This helps you generate more income and lower your rental expense. We can also help you sublease your entire space.
Looking to invest in Arizona Commercial Real Estate? At ICRE Investment Team, we work with commercial investors, property owners, companies, banks, and commercial loan servicers seeking the highest quality of services in the greater Phoenix, Scottsdale, Mesa and Tempe Arizona regions.