If a landlord thinks a tenant can survive after the COVID economic crisis passes, they're usually motivated to work on payment plans, according to Luis Martinez-Monfort, founding partner of law firm Gardner Brewer Martinez-Monfort.
"The appetite to work through forbearance from both the tenant and landlord is pretty high because I don't think landlords believe, dependent upon the type of tenant they have, that there's someone who's immediately going to backfill a space," Martinez-Monfort says.
In a stable economy, Martinez-Monfort says there might be multiple groups that want to try their business concept into your restaurant. During COVID, that isn't happening. "I don't know if there are a lot of restaurant concepts knocking on the door behind a tenant who failed," he says. "There's not a lot of people seeking to start restaurants right now."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
