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The comm'l. office market experiences widespread impact

  • Writer: MAREJ
    MAREJ
  • Jun 8, 2020
  • 1 min read

Property owners need to regularly monitor many issues and develop appropriate responses. Commercial real estate leaders should be considering the following as they continue to navigate this situation:• Prepare to continue enhanced cleaning for an extended period – Building operators across the country have quickly implemented enhanced cleaning measures, as suggested by government officials. The length of time that these measures will need to be in place remains to be determined. Consider closing off non-essential, or lightly used, areas to lower the costs and the related burden on cleaning staff.• Communicate safety precautions to tenants, their employees, and their customers – Stay in regular communication with tenants and their employees. Many people will be working remotely, but when the time comes for them to return to their offices, they need to be comfortable that adequate safety precautions are in place. Mailers, emails, and posted notices should include information about what the disease is, how to prevent it, what the property is doing to be proactive, and how the situation will be monitored going forward.• Prepare to negotiate with tenants – Many tenants have asked for, or will be requesting assistance.


 
 
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