The pandemic is not likely to end soon, and both owners and tenants are finding ways to get through the dislocation. "Landlords and tenants are realizing that they are in this together for the foreseeable future and are agreeing on certain arrangements to help share the risk and fallout from the pandemic," says Rizza. "Landlords are understanding the significant impact the pandemic has had on retailers being able to generate enough revenue to pay their rent, and, conversely, retailers are understanding the obligations that landlords have to their lenders.  I'm hopeful that lenders also understand the toll this pandemic is taking on landlords and will follow suit and cooperate with landlords in working out concessions on their loans."

These deals are happening across the market. Most tenants are looking for some way to cope with the financial burdens and loss of income. "I would say nearly every single tenant (new and existing) is asking for concessions to alleviate some of the sting from the economic fallout caused by the pandemic," says Rizza. "There aren't many new leases getting completed during this time, so concessions are largely taking place via amendments to existing leases.  In my experience, landlords and tenants are generally working together to weather this storm, but any concessions have to make economic sense for both sides.  Landlords often ask for (and receive) reciprocal concessions from the tenant, such as a release of claims related to COVID-19, waiver of co-tenancy requirements, and waiver of gross sale termination rights, just to name a few."