Posted 24 March, 2020 OBI NEWS
I trust you, your family and your colleagues are staying well in these difficult times.
The true scale of the impact of Covid-19 is yet to be realised. As we all adjust to the current climate and this time of gross uncertainty we must approach this situation as a collective and appreciate that by working with one another it will help us get through this period.
Real-estate advisors, landlords and businesses are all responsible for coming together to deliver innovative solutions to the challenges these circumstances present. We must acknowledge that all of us have a role to play in making sure we emerge from this crisis stronger and in a position to quickly move forwards when we are able.
The historic mindset of “landlord vs tenant” is a thing of the past – we have been promoting partnerships between landlords and tenants for some time. The market has changed in recent years and landlords are more focused than ever on delivering high quality experiences for their occupiers. This is no different today. In the short term, we can provide advice in relation to alternative rent arrangements, approaching lease events, ongoing lease negotiations, short term flexible office space requirements or business rates / service charge liabilities.
The need for flexibility within a modern-day business has never been more apparent. There will be some businesses who need to review their occupational strategy in the face of this pandemic, and we anticipate there will be others who may need to expand. An open and transparent approach is required in order to work through this, with many landlords are already geared up to facilitate flexible packages if required.
The workplace market has been evolving in a way that has helped us to prepare for this kind of scenario, a lot of the necessary fundamentals are already in place. The need for the honest appraisal of both a landlords and a tenants ability to weather this storm will result in the successful implementation of measures that will aid cash flow and work in tandem with the financial commitments announced by the UK Government.
Clear and open lines of communication are going to be the order of the day and we must remember than no one is to blame for the circumstances in which we find ourselves.
Short sightedness will be remembered when we emerge from these times – business casualties are inevitable, but we can minimise the number of these if we all approach this as a collective.
The team at OBI are working hard to provide advice for our clients during this time. There are a number of ways we can protect both landlord and occupier interests during this period but it requires a collective effort, a partnership based on trust and transparency.
We are contacting all of our clients directly to explain how we will continue to deliver our client focused services throughout this period. If anyone has any concerns or would simply like to discuss the impact of COVID-19 on their real-estate strategy, then do not hesitate to get in touch.