It is finally happening—well sort of. Cities and states across the country have started to reopen; although a surge in outbreaks this week has stalled or even reversed reopening plans. Still, as the country moves toward reopening, both owners and tenants are wondering how it will impact rent deferral agreements. Depending on the terms of the deferral agreements negotiated at the beginning of the pandemic, reopening could indicate that businesses will need to begin paying rent once they open. However, many businesses are still experiencing hardship, especially as government stimulus is drying up.

"The logistics of reactivation of all real estate product types continues to be a hot topic, and many architectural and consulting firms seek to assist in creative ways to use space," Mark Leverette of BPM LLP, tells GlobeSt.com. "The space requirement calculations used have been in fluctuation over the last three months for many businesses. Some businesses may temporarily need more space per person, at the same time as projecting both temporary and permanent increased levels of those working remotely."

So far, smaller landlords have been more flexible in providing rent deferral and lease modifications for tenants, but the requests for relief are likely to continue beyond the reopening. "Anecdotally, to date, institutional landlords have been less willing to provide modifications while small business landlords have been more flexible," says Leverette. "All landlords should expect that these tenant requests will continue for an extended period of time, and continued and creative negotiation will be required."