What Should I Do if I Can’t Pay Rent for My Commercial Space Due to COVID?

By |Published On: April 3rd, 2020|Categories: Blog, Consulting|Tags: |

We are experiencing unprecedented events that leave most of us worried and confused. Most business owners are being forced to make hard decisions, like laying off staff or temporarily closing their doors. If you rent commercial space, you may be wondering what your options are if your business is facing hardship during the coronavirus pandemic.

You should start by reading your lease to see if you have any options for reduced rent. It’s probably not likely, but you need to know your options.

Talk to your landlord. If you have a real estate broker, have them speak to your landlord on your behalf.  It doesn’t hurt to plead your case. This is an emotionally charged time for everyone and it might make more sense to have a neutral party that isn’t emotionally invested. Landlords are also making difficult choices so keep the conversation civil if you are talking to them directly.

While you may be concerned about your immediate need for rent relief, most landlords are in this for the long haul and will be looking at the big picture. Which means they might be willing to work with you. However, your landlord’s situation will have a direct impact on how much they are willing to helpor not help you.

Even if your business is operating as usual during the COVID-19 pandemic, you should contact your landlord. They may be willing to offer you some concessions, especially if you are getting near the end of your lease term or are coming up on a renewal option. You are also in a very strong position if you need expansion space.

No one has been through something of this magnitude before and we are learning as we go, but getting some advice from a trusted commercial real estate professional may help ease your mind a bit during this uncertain time.

Brian Smith, SIOR, CCIM, is the founder of Regent Commercial Real Estate based in Charlotte, North Carolina (Mecklenburg County). He specializes in tenant and landlord representation in North and South Carolina. Please don’t hesitate to contact him with any specific questions you may have: 704.910.9518 or brian@regentcre.com

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Brian is the owner and Broker-in-Charge of Regent Commercial Real Estate, based in Charlotte, NC. He has successfully helped secure nearly one thousand leases and sales transactions during his career as a Commercial Real Estate Broker. As a certified member of the Society of Industrial and Office Realtors® (SIOR), Brian ranks among the world's foremost experts in commercial real estate brokerage, boasting extensive experience and a track record of success. He looks forward to getting to know you and your company and learning how he can partner with you to achieve your objectives in the Charlotte Commercial Real Estate sector.

What our clients are saying

Mario Interiano
Mario Interiano
1701981431
Brian was incredibly easy to work with. Our project together went extremely smooth and I look forward to continue our working partnership!
Evan Brandt
Evan Brandt
1701908839
Brian is an upstanding guy and incredibly easy to work with. His strong communication and positive attitude are an immense asset and I look forward to working with him further!
Lauren Cash
Lauren Cash
1701898979
We had a wonderful experience working with a very forward-thinking team. Look forward to doing a lot more business together in the future!
Dalton Nagel
Dalton Nagel
1701804715
Matthew Schliep
Matthew Schliep
1701803847
Jeffrey Asiamah
Jeffrey Asiamah
1701376112
Great company and very nice people to talk too!
Charlie Grooff
Charlie Grooff
1701296437
Amazing service with a friendly staff, could not recommend a better group
Witherspoon IV
Witherspoon IV
1701132945
Brian Smith is very professional, he gave great advice and reassurance. Regent Commercial Real Estate is very efficient and exceeded my expectations. I would highly recommend them.
kary kim
kary kim
1701129953
Rain is very easy to work with and pays attention to details which results in efficiency!
Brian is easy to communicate with. He’s very professional and knowledgeable. I highly recommend him if you have any commercial real estate needs.
Susie Paiser
Susie Paiser
1700875738
I very impressed with Brian Smith’s personality, perspective and professionalism. He was easy to communicate with. Answered questions putting me at ease. Thanks Brian
Dillon Gary
Dillon Gary
1700845204
I have thoroughly enjoyed working with Brian! He is so pleasant to work with and has made the whole process so easy.
John Malpeli
John Malpeli
1700573409
Faisal Padela
Faisal Padela
1700515338
Brian is incredibly professional wish all agents handle there clients like Brian here’s hoping to build a long professional relationship with your team
Jim McLeod
Jim McLeod
1700501024
Dave Yarnes
Dave Yarnes
1699988559
I have worked with Brian in different capacities over a several year period. No matter the size or complexity of the task Brian has been consistent in making sure that the project gets completed, and the results exceed expectations. I recommend reaching out to him for any of your commercial real estate needs.
David Henderson
David Henderson
1699977316
I have worked with Brain Smith off & on for the last 15 years. Alway proactive and thorough. I look forward to continuing the relationship with RCRE on our commercial property leases.
R.A. A.
R.A. A.
1699918039
I have met and interviewed many commercial real estate brokers, and Brian Smith strikes me as one of the best. He genuinely cares about his clients and takes a personal interest in their success.
Avidan Baum
Avidan Baum
1699655575
Highly recommend for all your commercial Real Estate needs
Brent Spitzer
Brent Spitzer
1699646382
My wife and I are real estate professionals who have known Brian for over 15 years. Brian has a wealth of experience in retail office and Industrial sectors and a very thorough knowledge of the North anf South Carolina markets. For those interested in potentially working with him, you should know that the CCIM and SIOR designations separate Brian from others. Not only from a level of experience, but also education. When you work with Brian you'll better understand what I mean. I would highly recommend him to anyone seeking commercial real estate guidance in the Carolinas.
Ellis Newell
Ellis Newell
1699485009
Justin Novosel
Justin Novosel
1699473495
Prompt service with an attention to detail!! Very professional, highly recommended.
Dan Anderson
Dan Anderson
1699473094
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