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Features
Valuation of real estate during contemporary times is challenged and will continue to be so for several years. In a forced sale, a court should only consider pre-COVID-19 data whether it be comparable sales from 2018-2019, or financial data from the same period.
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In states where they are enforced, a properly drafted confession of judgment clause in a commercial lease can be one of the most valuable tools in a landlord's toolkit for enforcing its leases and preserving its remedies.
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Significant concerns aren't necessarily issues caused by real estate lending, borrowing or underwriting. They're caused by government policy.
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Small businesses make up the backbone of the commercial office sector. Until recently, by virtue of their small size, they had little sway with landlords when it came to renegotiating or negotiating a lease. Then the pandemic happened.
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Only a handful cases have addressed force majeure clauses in commercial real estate agreements in the wake of the pandemic, which has produced conflicting views as to whether performance was excused.
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There have been plenty of cases during the pandemic that shape the landlord-commercial tenant dynamic both in Chapter 11 bankruptcies and in workouts.
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By moving away from demand for traditional offices and office space, employers will be able to select from a much broader range of talent and a much greater geographical range of places to find and use these employees.
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Underwriting clearly has been affected by the pandemic-led downturn. Lenders are using higher vacancies and reserves to underwrite, leading to more conservative loan proceeds.
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Due to COVID-19's impact, the commercial office market should fundamentally shift in favor of tenants for the next several years. Law firm tenants should find an environment characterized by friendly concessions, options across asset classes and price ranges, and limited competition for space.
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The office market weathered a pandemic-fueled revolution last year, but both owners and tenants responded with impressive adaptability and endurance. Those things bode quite well for the sector's recovery.