Commercial Real Estate Guidance from the Office Brokerage Group
Over the past few weeks, I have spent a lot of time thinking about what our clients would like to hear from us during this unprecedented time. First, let me assure you, that while we are following all of the necessary precautions, we are working as steadfastly as ever to make sure all of our clients’ needs are satisfied. We know that our clients depend on us to help them not only when the economy is thriving but also when times are tough. As we all begin to navigate these uncharted waters, our team is approaching this situation as judiciously as we would any serious matter. It is during these times that we want our core values to shine through. We pride ourselves on being creative, responsive, and experienced. We treat all client inquiries with the highest level of urgency, keeping in constant communication throughout the process. We understand that each situation is unique, and instead of one size fits all approach, we listen to our clients and tailor each strategy accordingly. Our ability to draw from previous experiences, apply our understanding of complicated topics, and then adapt to a specific situation drives positive outcomes.
What does this all mean today? Well, first of all, I don’t think many people saw this coming. Historically, when the economy has been affected as a result of a major event, it either didn’t impact the entire country simultaneously, or there was a gradual decline. In this situation, it both happened overnight without warning and has impacted almost every sector across the board. Not only that, unlike more common natural disasters, there was no way to prepare for it, leaving everyone extremely vulnerable, both physically and economically. Furthermore, the amount of uncertainty that exists today is unparalleled. Nobody truly knows how long this adversity is going to last or what it is going to take to rebuild the economy. What we do know is that the key to survival in any crisis is to remain calm, take everything one step at a time, and work together to make practical decisions that promote confidence in your organization. You can depend on our team to provide you an optimistic yet realistic outlook on all of your real estate activities.
With that in mind, we are applying that logic to helping our clients with their real estate needs in both the short term and long term. We want to make sure that we are staying connected to provide you with the details necessary to make informed real estate decisions. While we know each individual organization has been impacted on different levels, real estate may or may not be an immediate priority. In either case, we are here to support you. Some of the more immediate topics currently have been surrounding rent payments, subleasing, mortgage payments, and force majeure clauses. For clients who may be in the middle of a relocation, it is important to know site policies and procedures as well as which contractors are still performing their duties under the latest government order. Alternatively, some of the more long term topics include property valuation, lease audits, disposition strategies, and loan restructuring. For property owners who are actively trying to sell or lease their properties, we are continuing to formulate creative ways to market your assets as well as stay in touch with those who previously expressed interest. Most importantly, we know that real estate is about timing and opportunity, and you can rest assured that our team has you covered on both accounts.
Please feel free to reach out to us with specific questions, but in the meantime, we thought it might be helpful to put together a list of resources that provide guidance on some of the frequently asked questions in today’s economic environment.
Guidance for Rent Relief Requests and Other Commercial Real Estate Tenant/Landlord Issues from the Certified Commercial Investment Member Institute
Commonly Asked COVID-19 Related Questions from Our Commercial Real Estate Developer & Owner Clients from Sikora Law a market leader in Ohio at providing legal services focused on the real estate industry
Five Things Landlords Need to Prepare for COVID-19’s Impact on Retail/Commercial Tenants from Bass, Berry & Sims, a national leader in real estate law with offices in four states
Information regarding lender deferment of mortgage payments and Helpful Resources for Businesses impacted by COVID-19 compiled by NAI Ohio Equities, one of Central Ohio’s largest, long-standing commercial real estate companies
We want to express our deepest appreciation for your ongoing partnership and trusting us with your real estate needs. We look forward to connecting with you soon and are happy to talk over the phone, via a video conference, or in person whenever the time is right.