James Letchford discusses his top tips for commercial tenants in Property Week

James’ article was published in Property Week, 27 August 2021, and can be seen here.

James Letchford, Partner in our Commercial Property department, highlights that while many hoped the end of lockdown would bring a swift return to normality, the reality for commercial tenants remains complex.

Although some businesses have emerged relatively unscathed, others continue to struggle with the aftermath of the pandemic, including staffing shortages and significant rent arrears.

The government has extended protections for commercial tenants, including a moratorium on evictions and restrictions on debt recovery, offering temporary relief. Crucially, new legislation is expected to ringfence pandemic-related rent arrears, encouraging landlords and tenants to negotiate repayment or write-offs, with arbitration as a fallback.

James advises businesses to reassess their operational needs in light of evolving work patterns, such as increased remote working. He stresses the importance of open communication with landlords, especially for those with outstanding rent, and recommends seeking professional advice to explore options like downsizing or renegotiating lease terms.

Flexibility and proper documentation of any lease changes are key to navigating the post-pandemic landscape effectively.

Read the full article on the Property Week website [subscription required].