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In the Spotlight: Commercial Landlord Protections in Difficult Economic Times

By Gary A. Goodman and Kerri M. Deruyter
January 28, 2009

In these troubling economic times, commercial landlords find their attention focused on a multitude of issues with which they may not be familiar. The concerns that landlords see today are not new: These concerns regarding tenants were always in the back of the underwriting analysis, buried deep amid an array of charts, graphs and comparable statistics. Today, however, landlords are particularly worried about tenant bankruptcies. True, this has always been a concern for commercial landlords, but previously their focus may have centered on smaller, start-up businesses rather than the large anchor tenants that are currently seen knocking on the bankruptcy court's door.

In addition, landlords are now seeing tenants close up their shops and go dark. What may have been a viable shopping center or office building 18 months ago is now full of dark windows and empty doorways. The new issue for commercial landlords is that there is not a wide selection of potential tenants to replace the departing ones. Funds are much tighter these days, and tenants are not looking to expand to multiple locations or grow to additional floors. Therefore, it becomes more and more difficult for commercial landlords to maintain the ongoing business of their property following a tenant vacancy. This difficulty can have further negative effects when one considers the domino effect of co-tenancy clauses in other leases.

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