The coronavirus has spread far and wide and every industry is feeling its grip in one way or another – though some certainly more than others. For the commercial real estate industry, the effects come in the form of business downturns, financial troubles for tenants, and a flood of lease re-negotiations.
As we sit in the midst of what could become the country’s worst economic recession since the Great Depression, there is no denying that these challenges present a very real threat. Moreover, the end still looks potentially years away. So the question becomes, how can we do our best to survive and even thrive during this period of difficulty? One plausible solution may be doubling-down on our efforts to (re)build relationships with tenants. Here’s how it could look:
- Consider flexibility in lease terms in a way that could be mutually beneficial.
- Reevaluate space needs and actively pursue renovation projects suited for the building’s use. For example, subdivide an office space to account for the potentially smaller footprint businesses may need as more employees shift to more permanent virtual work experiences.
- Proactively communicate with your tenants. Check in on them to see what is and isn’t working and how you could work together to find building or space solutions.
- Demonstrate your commitment to long-term growth and success by investing in building upgrades and adding safety solutions where needed.
It will take all of us working together to successfully emerge from this pandemic, and maintaining connections and communication will remain essential throughout the entire process and beyond.
At Seacoast Construction, one of the biggest pillars upon which our business rests is communication as we’ve seen time and again how essential it is to the success of a project and relationships. We’re here to help you maintain the important business relationships in your portfolio too. Get in touch to learn more about our commercial building and renovation successes here in South Florida and to schedule a free consultation to discuss your plans.
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